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By JAMES A. LOYOLA
The Securities and Exchange Commission has approved the planned P12-billion initial public offering of Aboitiz Power Corporation, the wholly-owned power generation and distribution unit of Aboitiz Equity Ventures.
Documents at the SEC show that APC has revised its IPO plans and has decided to sell 1.7 billion new shares plus an over-allotment option of 300 million shares at a maximum offer price of P6.00 per share.
The firm earlier said it is selling 1.8 billion shares at P4.67 per share.
APC is selling 1.19 billion shares overseas while 510 million shares will be sold to domestic investors through brokers of the Philippine Stock Exchange. The domestic offer period will be fropm July 4, 2007 to July 10, 2007.
The firm has tapped UBS Investment Bank to serve as the sole international underwriter and issue manager while BDO Capital and Investment Corporation will act as the domestic lead underwriter.
APC intends to use proceeds from the IPO to invest at least P9 billion for its expansion over the next two years, with its capital expenditure budget for 2007 amounting to P2.68 billion and P5.33 billion for 2008.
For its capital expenditures this year, the firm is allotting P1.4 billion for its various power distribution units and P1.25 billion for its power generation businesses.
For 2008, APC is allotting P1.07 billion for its power distribution subsidiaries and P4.26 billion for the expansion of its power generation units.
For the expansion of its generation portfolio, APC is planning to acquire additional power generation assets, including assets using renewable energy sources being privatized by the government, as well as develop Greenfield projects.
APC said it is considering participating in the bidding for the 175-megawatt Ambuklao-Binga hydro-electric plants, the 235-MW Angat Dam hydroelectric plant, the 112.5-MW Tongonan geothermal plant, the 192-MW Palinpinan geothermal plant and the 600-MW coal-fired Masinloc plant as well as for the STEAG State Power which owns a 232-MW coal-fired plant.
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http://www.mb.com.ph/BSNS2007051393790.html
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