Group of investors to buy 40% of Salcon Power
Friday, December 16, 2005
KEPCO PHILIPPINES Corp. (Kephilco) and two other investors have agreed to purchase 43.8 percent of publicly listed electricity generator Salcon Power Co. for 1.18 billion pesos.
In a disclosure to the stock exchange, Salcon said a total of 654.995 million of its shares would be sold to these three investors at 1.80 pesos each.
Kephilco, a unit of Korea Electric Power, will acquire 597.998 million shares, giving it 40 percent of Salcon. The rest will be purchased by IJ Group, comprising Jad Holdings Inc. and Intrepid Holdings Inc.
Salcon said that after the purchase, a tender offer will be made, and that IJ Group will acquire the shares tendered by the public.
"If the transaction does not close by February 21, 2006, the agreement will terminate and cease to be of force and effect, unless otherwise agreed by parties," Salcon said.
Salcon and Kephilco are independent power producers supplying electricity to the state-owned National Power Corp.
Salcon closed unchanged at 1.60 pesos per share.
(One dollar = 53.22 pesos)
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posted by philpower @ 12:40 PM,
