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ABOITIZ Power Corp. wants to increase its listed shares at the local
bourse for the company’s acquisition of stakes in several
distribution utilities.
In a disclosure to the Philippine Stock
Exchange, the company said it has filed an application before the
bourse for the listing of an additional 170,940,307 shares, which it
issued under a share swap agreement with shareholders of three power
firms on June 8, 2007.
The power generating and distribution arm of the
Cebu-based Aboitiz group used the shares to acquire a 100-percent
stake in Mactan Enerzone Corp. and a 60-percent stake in Balamban
Enerzone Corp. from Aboitizland, Inc. The same shares were used to
acquire the combined 25-percent stake in Subic Enerzone Corp. of
parent firm Aboitiz Equity Ventures Inc., San Fernando Electric
Light and Power Co. Inc., Pampanga Sugar Development Co. Inc. and
Okeelanta Corp.
Aboitiz Power said the shares were issued at its
initial public offering price of P5.80 per share and the agreement
pertaining to the share swap deal was approved by the Securities and
Exchange Commission on January 10, 2008.
The company earlier said in its financial report
that its acquisition of equity stakes in the power firms helped
propel profits from its distribution business by 52 percent to P1.5
billion last year, and helped prop its earnings for the period to
P4.1 billion, a 124-percent jump from 2006.
Aboitiz Power shares closed lower Monday at
P4.70 from P4.80 last Friday.
-- Euan Paulo C. Añonuevo
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