SPC Power Corp. said Thursday its board approved the sale of its 29,925,000 common shares in Bohol Light Company Inc. (BLCI) for P6.67 per share to businessman Enrique Razon Jr.’s Primelectric Holdings Inc. for a total of P199.5 million.
Primeelectric is a subsidiary of More Electric and Power Corp., Iloilo City’s power distributor.
“The sale shall be in accordance with the terms and conditions of a share purchase agreement and other definitive documents to be entered into by the parties,” the company said in a statement.
BLCI, a distribution utility servicing Tagbilaran City, is 70 percent privately owned, with the remaining 30 percent held by the provincial government.
The company has seven board of directors, two of whom represent the provincial government.
The Energy Regulatory Commission (ERC) awarded Bohol Light the certificate of public convenience and necessity for the construction, installation, operation and maintenance of an electric service in the Tagbilaran, valid from June 12, 1996 to June 12, 2021.
BLCI was also granted the franchise with authority to operate light and power services for 25 years until Oct. 19, 2025.