Razon-led firm Primelectric Holdings, Inc (PHI) has acquired the 70 percent majority stake in Bohol Light Company Inc. (BLCI), a power utility servicing Tagbiliran City that was divested by SPC Power Corporation, a company chaired by businessman Alfredo Henares.

Following the shares unloading of SPC Power, Primelectric will be infusing P1.0 billion investment into BLCI and will also take over the distribution firm’s management and operations helm.

According to Primelectric President Roel Castro, the capital outlay will bankroll the rehabilitation and modernization of the utility firm’s distribution assets.

"We are well-prepared - both technically and financially - to execute the rehabilitation and modernization strategy, ensuring a robust distribution system within the franchise area," Castro said.

SPC Power Executive Vice President James Roy N. Villareal indicated their satisfaction over the transaction, adding that consumers in BLCI service area  “will benefit from Primelectric's stewardship.”

Primelectric similarly noted that the franchise renewal for the utility company will be worked on with Congress this year – and this will be carried out in collaboration with the Bohol provincial government.

The minority equity of 30 percent in BLCI was retained by the Bohol provincial government under the strength of a franchise that will only be valid until Oct. 19, 2025.

The parties did not divulge the value of the shares acquisition, but this is a clear addition to the growing power distribution portfolio of the Razon group.

And to this point, there is still no stopping the Razon conglomerate when it comes to its expanding foray in the power distribution segment – and all eyes are on it if it can eventually make its way with the country’s biggest power utility.

On the BLCI equity purchase, Castro narrated that it has been “a valuable opportunity that should not be missed.”

The upside seen by Primelectric in its Bohol power utility buy had been its “strong financial performance, an experienced management team, and a competent labor force in the power distribution business.”

The Razon firm had likewise given weight on BLCI’s “track record of maintaining the lowest distribution rates in Bohol,” as well as its Level A categorization in terms of reliability performance rating.

Primelectric further cited the facility expansions as well as the network upgrades pursued by BLCI – including the installation of a 20 megavolt-ampere (MVA) substation, which has been regarded as “one of its kind in the province in terms of innovation and mobility."