Egco boosts its stake in Quezon
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Egco Group is spending an additional US$375 million (Bt11.75 billion) to increase its stake in Quezon Power (Philippines), which will give it complete management control under its 25-year purchase agreement.
In a statement yesterday, the group said the acquisition would increase its ownership interest in the 503-megawatt coal-fired project from 52 per cent to 98 per cent.
"QPL is one of the best assets in Southeast Asia with a history of reliable operations, an outstanding environment track record and consistent, stable cash flow. The QPL acquisition will provide portfolio diversity and long-term value prospects to Egco Group," Egco president Sahust Pratuknukul said. "Furthermore, it will also strengthen Egco’s portfolio in the Philippines and provide growth opportunities in the near future."
Egco is also taking 100-per-cent ownership of InterGen Management Services (Philippines) Ltd. – The Nation
