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Lopez-controlled FirstGen Corp. plans to sell a portion of its
shares in Red Vulcan Holdings Corp., which controls a majority stake
in the Philippines’ largest geothermal energy producer.
In a disclosure to the Philippine Stock
Exchange, FirstGen said the proposed transaction will be by way of
negotiated purchase, competitive bidding or any other means as may
be agreed upon. It, however, did not specify the amount of shares it
will unload from Red Vulcan.
The company has tapped JP Morgan (S.E.A.)
Limited to act as its financial advisor for the proposed sale.
FirstGen is the largest power producer in the
country with an installed capacity of 2,582.4 megawatts accounting
for approximately 16 percent of the country’s total installed
capacity.
The Lopez group’s power generating unit
earlier bought the shares of The Netherlands-based Spalmare Holding
BV, through its wholly owned subsidiary Prime Terracota Holdings
Corp., its partner in Red Vulcan.
Red Vulcan is the consortium comprised of the
said companies that earlier acquired 60 percent of Philippine
National Oil Company-Energy Development Corp. with a P58.5-billion
offer in a state auction.
Red Vulcan’s bid for PNOC-EDC in late November
topped those offered by other consortia led by local companies’
Filinvest Development Corp., San Miguel Energy Corp. and Aboitiz
Power Corp.
PNOC-EDC, the country’s largest geothermal
producer and the second largest in the world, operates energy
development projects in Leyte, Luzon, Negros and Mindanao with a
total installed capacity of about 1,148 megawatts.
The company is looking to pad this further with
the proposed development of seven new geothermal fields across the
country with an estimated capacity conservatively of a minimum of
280 megawatts up to a maximum of 310 megawatts.
PNOC-EDC’s shares closed flat Friday at P6.40.
On the other hand, FirstGen’s shares closed
higher at P40.50 from P40 the in previous day.
-- Euan Paulo C. Añonuevo
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