ABOITIZ Renewables, Inc. (ARI) has assumed sole control of La Filipina Electrika, Inc. (LFEI), which appears to be the platform for the company’s future clean energy ventures as well as the parent company AboitizPower Corp.
Prior to the takeover, LFEI was controlled by La Filipina Uy Gongco Corp., which held 60 per cent, and Therma Strength, Inc. (TPI) held 40 per cent.
‘(LFEI) was supposed to be used for a joint venture power plant. Since TPI and La Filipina have agreed not to follow this possible project, TPI and LFUGC (La Filipina) plan to offer LFEI to ARI,” said AboitizPower in a regulatory filing on Monday.
On January 8, ARI purchased LFEI for P192,500 at a par value of P1 per share. The balance was charged in a one-off lump sum settlement at the time of closure. The undertaking was reported to have met with “customary terms of termination.”
“This transaction will enable ARI and AboitizPower to use LFEI as a platform for potential renewable energy projects,” said AboitizPower.
ARI and TPI are all entirely owned units of AboitizPower. ARI is the parent firm for clean energy company AboitizPower. La Filipina is not linked to the Aboitiz-led party or to any of its members.
Last month, AboitizPower reported that it was aiming to collect P30 billion by selling denominated fixed-rate retail bonds in tranches based on market conditions.
It said that its board of directors had authorised the first tranche of P4 billion retail bonds to be rolled out in the first quarter.