May 31, 2007
Updated 03:53:50 (Mla time)
Aboitiz Power Corp. is in talks with local banks on financing two new hydropower plant projects in
“We’re trying to get longer-term loans from the banks. Since these are two projects, we’ll have to apply for separate loans,” said Luis Miguel Aboitiz, senior vice president for power generation at Aboitiz Power.
He said the company would break ground for the 42-megawatt Sibulan plant next month, having secured all the necessary permits.
Work on the 38-megawatt Tamugan plant will start by next year and construction should be completed in 2010 or 2011, he added.
The Tamugan plant will cost around P4 billion, he said.
Aboitiz Power has received approval of the Philippine Stock Exchange for listing of 7.4 billion shares in relation to its proposed public stock offering this year, parent company Aboitiz Equity Ventures Inc. said.
Aboitiz Power has proposed to offer 1.7 billion common shares through a primary offer and 300 million shares to cover excess demand.
The Securities and Exchange Commission has approved the initial public offering of Aboitiz Power stock, which is estimated to raise P10-P12 billion.
In documents filed with the SEC, Aboitiz Power said its offer price was estimated at P6 a share.
The offer period will be from July 4-10.
Proceeds of the IPO will be used in bidding for plants of the government's National Power Corp. and for building new plants.
http://services.inquirer.net/express/07/05/31/html_output/xmlhtml/20070531-68747-xml.html
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