Aboitiz Power buys 40% of Cebu distributor for P178M

MANILA, Philippines- Aboitiz Power Corp. has bought 40 percent of Balamban Enerzone Corp., a power distributor in a Cebu industrial park, for about P178 million from Japanese company Tsuneishi Holdings (Cebu) Inc. In a statement to the Philippine Stock Exchange, Aboitiz Power said the purchase makes it the full owner of Balamban Enerzone since it previously acquired 60-percent equity in the distributor from its affiliate, Aboitizland Inc. in January. BEZ owns and operates the power distribution system of the West Cebu Industrial Park in Balamban, Cebu, home to the shipbuilding facilities of Tsuneishi Heavy Industries (Cebu) Inc. and FBMA Marine Inc. as well as the modular fabrication facility of Metaphil International Inc. Earlier, Aboitiz Power reported that its net income in 2007 more than doubled from P1.8 billion to P4.1 billion on the positive performance of power distribution and generation businesses. - GMANews.TV