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Friday, March 29, 2024

Vivant, AHC to acquire majority stake in BPC

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Vivant Energy Corp. and subsidiary Amberdust Holding Corp. (AHC) are jointly acquiring a majority shareholding in Bukidnon Power Corp. (BPC) and North Bukidnon Power Corp. (NBPC), expanding its investments in Mindanao.

Based on a disclosure to the stock exchange, the two companies are acquiring 90 percent of both BPC and NBPC through share sale and purchase agreements with existing shareholders.

Vivant Energy and AHC are spending P205.54 million to acquire the 90-percent shareholding in BPC, while P228.28 million for the 90-percent shareholding in NBPC.

The remaining 10 percent of the shares in BPC and NBPC will still be owned by existing shareholders.

Vivant Energy COO Emil Andre M. Garcia said the investment in Mindanao aims to further ensure stability and reliability of the power supply in Bukidnon Province, particularly during peak hours.

“We are confident in the recovery and growth of the Philippine economy, and we believe that Mindanao will play a more significant role in it. That growth will require a stable and reliable power supply, which we are committed to provide,” he said in a statement.

Both BPC and NBPC were developed by Senator Juan Miguel Zubiri to address intermittent brownouts about a decade ago.

“The acquisition and the subsequent partnership with Vivant Energy would greatly boost the efficiency of energy production for our province and the region,” Zubiri said.

NBPC supplies 5 megawatts MW of the peaking power requirement in the franchise area of Bukidnon Second Electric Cooperative Inc. through its bunker-diesel power plant in Lantapan.

Bukidnon BPC owns the two bunker-diesel power plants that are both contracted to supply the energy requirements of First Bukidnon Electric Cooperative Inc.

“The acquisition will contribute to the continued expansion of the business activities of Vivant Corp. in the Mindanao region,” the filing of listed parent company Vivant Corp. read.

Read full article on BusinessMirror

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