The Philippine Competition Commission approved Thursday two separate transactions of Aboitiz Power Corp. and the Bases Conversion and Development Authority.
The commission cleared Aboitiz’s acquisition of shares in stock in AA Thermal Inc. and the joint venture among BCDA, National Housing Authority and Primelux Holdings Development Inc. that is affiliated with Shanghai Nanjiang Co. Ltd
The first transaction involved the acquisition by Aboitiz Power of shares from Arlington Mariveles Netherlands Holding B.V., a unit of AC Energy Inc. of conglomerate Ayala Corp.
The acquired shares are equivalent to a 49-percent voting interest and 60-percent economic interest in AA Thermal Inc. The balance 51 percent will be retained by AC Energy valued at $579.2 million and subject to adjustments on closing the deal.
AA Thermal owns limited partnership interests in each of GNPower Mariveles Coal Plant Ltd. Co., the owner and operator of a 2×316 MW coal plant in Mariveles, Bataan, and GNPowerDinginin Ltd. Co., the developer and owner of a 2×668 MW coal plant project in Dinginin, Bataan, which is currently under construction.
The transaction will result in the increase of indirectly-held limited partnership interests of Aboitiz Power in GMCP and GNPD.
The commission said the transaction “will not likely result in substantial lessening of competition in the identified relevant markets for power generation and retail electricity supply in Luzon and Visayas.”
Meanwhile, the BCDA-NHA-Primelux joint venture is a transaction involving a 59.62-hectare property located along C-5 Road, Fort Bonifacio, Bonifacio Global City, Taguig City, also known as the “Bonifacio East Property.”
The commission found that the joint venture “will not result in substantial lessening of competition due” to the existence of sufficient competitive constraints from within and outside of Bonifacio Global City market for residential, commercial, and mixed use developments.