KEPCO Philippines buys additional Salcon Power shares
Sunday, February 19, 2006
Erik dela CruzXFN-Asia
KEPCO Philippines Holdings Inc, together with the IJ Group, representing JAD Holdings Inc and Intrepid Holdings Inc, has purchased an additional 716.4 million common shares in Salcon Power Corp at 1.80 pesos each, Salcon said.
The shares, acquired from minority stockholders, represent 47.92 percent of Salcon's outstanding capital stock.
The transaction was undertaken through a block sale on the stock exchange on Wednesday, the electricity producer said in a statement.
The buyers had previously bought 597.9 million Salcon shares, or 40 percent of the company's outstanding capital stock, from Salcon Holdings Philippines Inc and ATC Engineering Sdn Bhd, also for 1.80 pesos per share.
They subsequently made a tender offer for the remaining 60 percent belonging to minority shareholders.
KEPCO is a local affiliate of Korea Electric Power Corp.
(1 dollar = 51.766 pesos)
posted by philpower @ 7:59 PM,
