Connect with us

Hi, what are you looking for?


AboitizPower unit takes full control of La Filipina Electrika

ABOITIZ Renewables, Inc. (ARI) has gained full ownership of La Filipina Electrika, Inc. (LFEI), which is targeted to be the vehicle for upcoming renewable energy projects of the company as well as parent firm AboitizPower Corp.

Before the acquisition, LFEI was owned by La Filipina Uy Gongco Corp., which held 60%, and Therma Power, Inc. (TPI) at 40%.

“(LFEI) was intended to be used for a joint venture power project. Because TPI and La Filipina have decided not to pursue this potential project, TPI and LFUGC (La Filipina) intend to sell LFEI to ARI,” AboitizPower said in a regulatory filing on Monday.

ARI purchased LFEI for P192,500 at a par value of P1 per share on Jan. 8. The amount was paid in a one-time lump sum payment at closing. The undertaking was said to have followed “customary closing conditions.”

“This transaction will allow ARI and AboitizPower to use LFEI as a vehicle for future renewable energy projects,” AboitizPower said.

ARI and TPI are both wholly owned units of AboitizPower. ARI is AboitizPower’s renewable energy company holding unit. La Filipina is not related to the Aboitiz-led group or any of its affiliates.

Last month, AboitizPower announced that it was looking to raise P30 billion by issuing denominated fixed-rate retail bonds in tranches depending on market conditions.

It said that its board of directors had approved the first tranche of retail bonds worth P4 billion, which was scheduled to be rolled out in the first quarter.

Shares in AboitizPower inched down 0.37% to close at P26.90 apiece on Monday. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Games Wednesday (Filoil EcoOil Centre) 12 p.m. — AU vs San Beda (M) 2 p.m. — UPHSD vs LPU (W) LYCEUM of the Philippines...


THERE is enough talent for Philippine weightlifting to last for another generation. It produced two more yesterday in Prince Keil Delos Santos and Eron...


SHEIKH Jassim Bin Hamad Al Thani, the son of Qatar’s former prime minister, has submitted an improved bid to buy Premier League club Manchester...


KEVIN Huerter poured in a team-high 27 points, Harrison Barnes led a third-quarter surge and the Sacramento Kings moved within one win of clinching...


There was a time when the middle of March saw few meaningful matches in the National Basketball Association. With the regular season coming to...


THE PHILIPPINES is seeking a $400-million loan from the World Bank (WB) to support digital transformation initiatives. “The proposed operation in the amount of...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.