Aboitiz Equity gets P2.2-B loan for power sector investments
Friday, March 10, 2006
XFN-Asia
ABOITIZ Equity Ventures Inc said it has signed a 2. 2-billion peso loan agreement with a consortium of banks to help fund future investments in the electricity industry.
The conglomerate told the stock exchange that Bank of the Philippine Islands, BPI Asset Management & Trust Group and International Exchange Bank extended the loan that was arranged by BPI Capital Corp.
"Proceeds of the loan will be used to pursue future investments in the power sector, including potential acquisition of existing hydropower generation assets to be auctioned off by the National Power Corp, as well as investments in hydropower projects in Davao province," Aboitiz Equity said.
Part of the loan will also be used to refinance debts that will mature this year, it added.
(1 dollar = 51.457 pesos)
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posted by philpower @ 11:48 AM,
