Vivant said in a disclosure to the stock exchange it signed the share sale and purchase agreements with Amberdust Holding Corp. to acquire majority stakes in in BPC and NBPC.
“The acquisition will contribute to the continued expansion of the business activities of Vivant Corp. in the Mindanao region,” Vivant said.
Vivant Energy and AHC will purchase 90 percent of the outstanding shares of BPC and NBPC from its current shareholders through SSPAs signed on Feb. 19, 2021.
The transaction will be consummated through deeds of assignment of shares, subject to the fulfillment of the agreed closing conditions.
The purchase price for 90 percent of the shares in BPC is P205.539 million while the purchase price for 90 percent of the shares in NBPC is P228.282 million. Vivant said of the shares to be acquired, it would hold 90 percent while the remaining 10 percent would be held by wholly-owned subsidiary AHC.
BPC and NBPC were developed by the Zubiri family to address the intermittent power shortages that plagued the region a few years ago.
Vivant Energy said the investment would further ensure the 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,” said Vivant Energy executive vice president and chief executive Emil Andre Garcia.
“The acquisition and the subsequent partnership with Vivant Energy would greatly boost the efficiency of energy production for our province and the region,” said Zubiri.
NBPC supplies 5 megawatts 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, meanwhile, owns two bunker-diesel power plants that are both contracted to supply the energy requirements of First Bukidnon Electric Cooperative Inc.
Vivant Energy said it also took steps in finding brownfield and greenfield renewable projects and technologies that combine both renewable and conventional energy.
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