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ABOITIZ Power Corp. (AP) said that about two-thirds of its initial
public offering (IPO) proceeds last year were used for acquisitions.
In a disclosure to the Philippine Stock
Exchange, AP said it spent about P6.67 billion of the P9.64 billion
it projected to use from its public float last year mainly for
acquisitions.
AP is the power generation and distribution arm
of the Aboitiz family of Cebu, which also has investments in food,
transport and banking, among others.
The company said that to date, it has used its
IPO proceeds for the acquisition of the 34-percent stake in STEAG
State Power Inc. for $101 million or, about P4.41 billion.
It also incurred expenses of about P45.5 million
in relation to its bid for the Palinpinon, Tongonan, Ambuklao-Binga
and Tiwi-MakBan power plants, as well as for the Philippine National
Oil Co.-Energy Development Corp.
AP said earlier that it purchased the remaining
20-percent stake in Subic Enerzone Corp. (SEZC) for P92 million and
the remaining 40-percent shares in Balamban Enerzone Corp. (BEZC) or
approximately P178 million in March.
The two acquisitions resulted in AP’s
100-percent ownership in both SEZC and BEZC as of the first quarter.
Both were not part of its allocated spendings for its IPO proceeds
under its prospectus.
Another P375 million from its IPO proceeds that
was projected to be used for the improvement of existing power
generation and distribution facilities has so far remained untapped.
Of the P4.64 billion it projects to use for
greenfield projects, the company has spent P484 million and P391.5
million for a coal plant in Cebu and a hydro project in Davao,
respectively.
AP’s shares closed higher Tuesday at P5.10
from P5.0 previously.
-- Euan Paulo C. Añonuevo
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