Business NEWS

Aboitiz Equity Ventures Inc. (AEV) and JERA Co. Inc. have finalized the Japanese firm’s acquisition of a 25.01 percent stake in Aboitiz Power Corporation (AboitizPower), following the turnover of the $1.46 billion payment.

Aboitiz Power Corporation’s proposed P12-billion bond issuance has been assigned the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook by Philippine Rating Services Corporation (PhilRatings).

Aboitiz Equity Ventures (AEV) is selling a 25.01 percent stake in Aboitiz Power Corporation (AboitizPower) to JERA Co. Inc., Japan’s largest power producer, for $1.146 billion in cash.

ERC hints ‘pricing play’

Japanese firm Mitsubishi Power (Philippines) Inc. has bagged a three-year contract for ‘reliability maintenance work’ aimed at improving the capacity availability at the 300-megawatt Therma South Inc. power plant of Aboitiz Power Corporation.

The Securities and Exchange Commission (SEC) has approved Aboitiz Power Corporation’s planned issuance of fixed-rate bonds worth up to P30 billion. 

The property developer earned certifications for three of its office buildings sited at the Fort Bonifacio Global City – these are the One/NEO, Four-NEO and Six/NEO developments. The company is also targeting to corner the same 5-star certifications for its four other buildings.

The local stock market is seen to be weighed down by concern over the impact of the new COVID-19 strain although this may be counterbalanced by excess cash in the system as well as developments overseas.

Greenfield power projects that will feed on imported liquefied natural gas (LNG) have been emerging as ‘hot investment contest’ in the restructured electricity sector, and Aboitiz Power Corporation announced that it is inclined to join the forthcoming wave of capital spending for the development of new gas plants in the country.

With depressed power demand because of the niggling impact of the coronavirus pandemic, the consolidated net income of Aboitiz Power Corporation had dipped 32-percent to P3.3 billion in this year’s third quarter versus P4.8 billion in the same period in 2019.

Aboitiz Power Corporation is now ahead of the race, having cemented itself as the top power generator in the country with total national installed capacity of 4,973.435 megawatts, according to a report by the Department of Energy.