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Manila Bulletin devider Business devider SMIC acquires full control of PGPC

SMIC acquires full control of PGPC

Published Aug 2, 2022 01:00 pm

SM Investments Corporation (SMIC) reported that the Securities and Exchange Commission (SEC) has approved its acquisition of an 81 percent stake Allfirst Equity Holdings Inc. (Allfirst) in exchange for shares in SMIC.

In a disclosure to the Philippine Stock Exchange, SMIC said Allfirst is the holding company for Philippine Geothermal Production Company, Inc. (PGPC). The transaction will bring SMIC’s ownership in PGPC to 100 percent.

The total consideration paid for 81 percent of Allfirst is P15.76 billion. The transaction will involve the issuance of 17.44 million new shares to the sellers, equivalent to 1.4 percent of shares outstanding in SMIC.

In 2021 PGPC delivered $99.4 million in revenues and $48.8 million in net income, equivalent to 1.2 percent of SMIC 2021 revenues and 5.5 percent accretion to SMIC 2021 net income respectively.

PGPC operates the Tiwi and Mak-Ban steam fields. Tiwi is the first commercial-scale geothermal steam field development in Southeast Asia, followed by Mak-Ban, both in operation since 1979.

Together they generate geothermal steam sufficient to produce approximately 300 MW of electricity.

In addition to its two producing steam fields, PGPC also has several other greenfield concession areas for geothermal steam production which it will develop moving forward.

SM President Frederick Dybuncio

“The acquisition of PGPC is sizeable, accretive to our shareholders, and a strong strategic fit with our portfolio of investments in high growth sectors in the Philippines,” said SMIC President and COO Frederic C. Dybuncio.

He added that, “It further reinforces the SM Group’s commitment to sustainability, good governance and acting as a catalyst for responsible development in the communities we serve.”

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Frederic DyBuncio SM Investments Corporation
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