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Manila Bulletin devider Business devider The Stock Market devider Cosco buys Cos' Mindoro hydro plant for P552 M

Cosco buys Cos' Mindoro hydro plant for P552 M

Published Mar 31, 2024 02:31 pm

The Co family has transferred a majority stake in a firm that owns a hydroelectric plant in Mindoro to their publicly-listed investment holding company Cosco Capital Inc. for P551.88 million.

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Cosco Capital Chairman Lucio Co

In a disclosure to the Philippine Stock Exchange (PSE), Cosco said it has finalized its acquisition of 60 percent outstanding shares of Catuiran Hydropower Corporation from Union Energy Corporation, which is controlled by spouses Lucio and Susan Co. 

The firm said it paid cash for 360 million Catuiran common shares at P1,533 per share adding that the price was determined on the basis of price-to-earnings multiples of projected net income.

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Cosco Capital Vice Chair Susan Co

Cosco said it has received a letter from the Philippine Competition Commission stating that the transaction is not subject to compulsory notification, thus clearing the path for the parties to close the transaction. 

Catuiran has developed and is operating an 8-megawatt hydropower plant located in the Municipality of Naujan, Oriental Mindoro which started actual operations in 2019. This project is covered by the Department of Energy (DOE) under a Renewable Energy Service Contract.

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Catuiran mini-hydroelectric plant

“The acquisition of Catuiran will provide an opportunity for Cosco Capital, Inc. to engage in another profitable line of business while contributing to the country's economic development, which aligns with the government's thrust toward creating more sustainable energy sources,” the firm noted.

The Catuiran hydropower firm was incorporated and registered with the Securities and Exchange Commission on April 20, 2012, and is primarily engaged in the business of building, constructing, operating and maintaining power plant.
 

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Cosco Capital Inc. Susan Co Lucio Co
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