Global Business Power Corporation completed the acquisition of 50% stake in Alsons Thermal Energy Corporation from Alsons Consolidated Resources, Inc..
November 30, 2017
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Global Business Power Corporation agreed to acquire a 50% stake in Alsons Thermal Energy Corporation from Alsons Consolidated Resources, Inc. (PSE:ACR) for PHP 4.3 billion on April 3, 2017. Under the terms, Global Business Power Corporation will acquire 14.95 million shares and 50% of shareholder advances of Alsons Thermal Energy Corporation. The purchase price of the shares (less a retention amount of PHP 100 million) and the purchase price of the advances shall be paid by Global Business Power Corporation on completion of the transaction. The retention amount shall then be paid by Global Business Power Corporation to Alsons Consolidated Resources, Inc. after the BIR Certificate Authorizing Registration for the shares has been obtained. The purchase price is subject to adjustment on closing. The parties signed the agreement on June 3, 2017. Global Business Power Corporation will fund the acquisition through internal sources and external bank debt.
The transaction is subject to the approval of the Philippine Competition Commission, consents, approvals or other actions by certain third parties, completion of the transfer to Alsons Thermal Energy Corporation of certain shares in San Ramon Power, Inc., agreement on the computation of the purchase price for the shares and the advances and other conditions. The transaction was approved by the Board of Directors of Alsons Consolidated Resources, Inc. on April 3, 2017. As on September 26, 2017, Philippine Competition Commission has approved the transaction. As of December 1, 2017, all conditions has been fulfilled. Manuel Salak, Thiam Kit Lee, Albert Lagtapon, Bryan Kee, Garret Go, Jonathan Seynaeve, Lourdes Bautista and Kelvin Phua of ING Bank N.V. acted as sole financial advisors and Castillo Laman Tan Pantaleon & San Jose Law Office acted as legal advisor to Alsons Consolidated Resources, Inc. Macquarie Group Limited (ASX:MQG) acted as a financial advisor and Puyat Jacinto & Santos acted as a legal advisor to Global Business Power Corporation. Melody M. Del Rosario of PR & Corp Communications acted as a public relations' advisor to Metro Pacific Investments Corporation of which Global Business Power Corporation is an associated company.
Global Business Power Corporation completed the acquisition of 50% stake in Alsons Thermal Energy Corporation from Alsons Consolidated Resources, Inc. (PSE:ACR) in November 2017.
Alsons Consolidated Resources, Inc. is a Philippines-based investment holding company. The Companyâs secondary purpose is oil exploration. The Companyâs subsidiaries are engaged in power generation, property development, industrial estate management and other investments. The Company conducts its business activities through two segments: Power and Energy, and Property Development. The Companyâs energy and power operations are located on three different sites. Its subsidiary, Western Mindanao Power Corporation (WMPC), has a power plant on a nine hectares property in Sitio Malasugat, Sangali, Zamboanga City, and its subsidiary, Southern Philippines Power Corporationâs plant is situated on a 16 hectare property located in Alabel, Sarangani Province, which is 13 kilometers east of General Santos City. Property Development segment acquires, develops, sells and holds for investment or otherwise, real estate of all kinds, subleases office spaces and manufactures door and house frames.
Global Business Power Corporation completed the acquisition of 50% stake in Alsons Thermal Energy Corporation from Alsons Consolidated Resources, Inc..