Connect with us

Hi, what are you looking for?

Economy

Vivant to invest P433.8 million in Zubiri’s power firms

CEBU-BASED Vivant Corp. announced on Tuesday that it would be infusing around P433.83 million in equity shares in Senator Juan Miguel F. Zubiri’s two power firms in Mindanao, as the listed firm plans to continue its expansion in the region.

In a regulatory filing, Vivant said its subsidiaries Vivant Energy Corp. and Amberdust Holding Corp. is set to acquire 90% of the outstanding shares from shareholders of the Bukidnon Power Corp. and North Bukidnon Power Corp. The shareholders agreement was inked last Friday, it said.

Vivant said that it would be buying the shares at purchase prices of around P205.54 million and P228.28 million, respectively. It said the Bukidnon power companies were developed by Mr. Zubiri to address the intermittent power supply in Mindanao.

Vivant said the acquisition would contribute to the continued expansion of its business activities in the Mindanao region.

In a press release on Tuesday, Mr. Zubiri was quoted as saying that the acquisition and partnership with Vivant would “greatly boost the efficiency of energy production for the province and the region.”

The investment is also seen to ensure stability and reliability of the power supply in Bukidnon province, especially during peak hours, the company said.

“We are confident in the recovery and growth of the Philippine economy, and we believe that Mindanao will play a more significant role in it. That growth will require a stable and reliable power supply, which we are committed to provide,” Vivant Energy Executive Vice-President and Chief Operating Officer Emil Andre M. Garcia said in a statement.

North Bukidnon Power, which operates a bunker-diesel power plant in Lantapan, supplies 5 megawatts (MW) of the peaking power requirement of Bukidnon Second Electric Cooperative, Inc.

Meanwhile, Bukidnon Power owns two bunker-diesel power plants that supply the energy requirements of First Bukidnon Electric Cooperative, Inc.

In the past year, Vivant’s energy unit has been partnering up with foreign firms based in Finland and Malaysia for the former’s various projects.

In June, Vivant Energy announced that it had awarded two power contracts to Malaysian firm Solarvest to install solar photovoltaic systems in Iloilo City and Bulacan.

A month later, Vivant Energy said that its unit had tapped Finnish firm Wärtsilä in providing the engineering and equipment to build a 23-megawatt power plant that would supply power to Bantayan island.

Vivant has interests in power generation, power distribution, and the retail electricity supply business. Its shares at the local bourse improved 7.41% or P1 to close at P14.50 on Tuesday. — 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!

Latest

Economy

OUTSTANDING external debt at the end of June was at its highest level since at least 2011, according to the Bangko Sentral ng Pilipinas...

Economy

By Russell Louis C. Ku TRANSPORTATION BUDGETS need to provide for service contracting in order to offer relief for public utility vehicle (PUV) drivers,...

Economy

EXPORTERS have been advised to expect new UK tariffs with the launch of a separate British preferential trade access scheme after it exited the...

Economy

LABOR Secretary Silvestre H. Bello III said seafarers need to be better protected and proposed amendments to the 15-year-old maritime convention of the International...

Economy

The pandemic has accelerated new ways of working across various industries, including the auditing profession. However, new ways of operating for audit firms and...

Economy

SENIOR citizens get inoculated with their first dose of the Sinovac vaccine at the Marikina Sports Complex. — PHILIPPINE STAR/ MICHAEL VARCAS THE PHILIPPINES...

You May Also Like

Investing

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

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, 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.

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!