Garcia-led Vivant Energy Corporation has expanded its power investments in Mindanao, and this was concretized via an equity acquisition in power generation facility owned by Senator Juan Miguel Zubiri.
In a disclosure to the Philippine Stock Exchange (PSE), Vivant stated that, in tandem with its subsidiary firm Amberdust Holding Corporation (AHC), they will be acquiring 90-percent of the outstanding shares of the Bukidnon Power Corporation (BPC) and North Bukidnon Power Corporation.
The majority shares purchase will require Vivant to pay P205,539,482.54 to seller BPC; and another P228,282,140.96 for the shareholdings of North Bukidnon Power. The two firms are owned by the lawmaker, whose family and vast properties are in Bukidnon.
The share sale and purchase agreements (SSPAs) had been sealed and signed between and among Vivant Energy, AHC, Bukidnon Power Corporation and North Bukidnon Power Corporation on February 19 this year.
As emphasized, 90-percent of the shares will be acquired by Vivant Energy; while the balance of 10-percent will be purchased by its wholly owned subsidiary AHC.
“The acquisition will contribute to the continued expansion of the business activities of Vivant Corporation in the Mindanao region,” the company said.
Emil Andre M. Garcia, executive vice president and COO of Vivant Energy, indicated that their foray into that Mindanao venture is being anchored on “recovery and growth of the Philippine economy, and Mindanao will play a more significant role in it.”
He added that the portended economic growth in Mindanao “will require a stable and reliable power supply, which we are committed to provide.”
The North Bukidnon Power facility supplies 5.0-megawatt of peaking power as required in the franchise area of Bukidnon Second Electric Cooperative – and that is being wheeled from its bunker-diesel generating facility in Lantapan, Bukidnon.
Vivant stressed “the investment aims to further ensure stability and reliability of the power supply in Bukidnon province, particularly during peak hours.”
Zubiri, for his part, noted that “the acquisition and the subsequent partnership with Vivant Energy would greatly boost the efficiency of energy production for our province and the region.” Vivant said it has been pursuing strategic investment expansions, which are a good mix of brownfield and greenfield renewable energy projects; and also a combination of both renewable and conventional technologies. (