Aboitiz Power buys Mirant stake in Subic power distributor

Aboitiz Power Corp. on Tuesday announced that it has agreed to buy the 20 percent equity of Team Philippines Industrial Power II Corp. in Subic Enerzone Corp for P92 million. Team Philippines is what was formerly Mirant Philippines. In a disclosure to the Philippine Stock Exchange, Aboitiz Power said that the purchase of the Team Philippines stake makes Subic Enerzone 100 percent owned by the Aboitiz Group. Aboitiz Power previously acquired 25 percent in Subic Enerzone from San Fernando Electric Light and Power Co., Inc., Okeelanta Corp., Pampanga Sugar Development Corp. and Aboitiz Equity Ventures Inc. through a shares-for-shares swap. Another Aboitiz unit, unit Davao Light and Power Co. Inc. owns 35 percent of Subic Enerzone. Subic Enerzone operates the power distribution system of the Subic Bay Freeport Zone under a 25-year distribution management services agreement with the Subic Bay Metropolitan Authority, which SEZ won through competitive bidding in 2003. - GMANews.TV