SMC Global Power Holdings Corp., the power generation unit of San Miguel Corp., completed the acquisition of the stakes of Electricity Generating Public Company Ltd., or Egco Group, and AES Corp. in Masinloc Power Partners Co. Ltd.
Egco and AES issued separate statements on the sale completion with combined acquisition cost of almost $2 billion. A SMC Global Power official also confirmed the sale completion.
Egco said it successfully completed the divestment transaction of its interest in the Masinloc power plant in the Philippines, immediately recognizing a base consideration worth $850 million.
Jakgrich Pibulpairoj, president of Egco Group said subsidiary Gen Plus B.V. completed the transfer of its 49-percent indirect ownership interest in MPPC to SMC Global Power on March 20, 2018.
“Accordingly, Egco Group recognized the proceeds from the divestment transaction worth $850 million. Egco Group plans to use these proceeds for new investment projects in the future,” the Egco official said.