Listed SPC Power Corp. and affiliate Intrepid Holdings Inc. have canceled plans to acquire the 51-percent majority stake of STEAG GMBH in STEAG State Power Inc., which owns and operates a 210-megawatt coal-fired thermal power plant in Misamis Oriental.
SPC Power, formerly Salcon Power Corp. and whose single biggest shareholders is Korea’s KEPCO Philippines Holdings Inc., said in a disclosure to the Philippine Stock Exchange Friday the parties have mutually agreed to terminate the sale and purchase agreement due to a failure to satisfy the conditions of the sale.
“It has been determined, however, that securing completely the satisfaction or waiver of the conditions precedent is highly unlikely, thus the parties have mutually agreed to terminate the SPA,” said SPC.
SPC, IHI, and STEAG GMBH earlier signed an agreement on the purchase and sale of shares of STEAG GMBH in SPI for $51.99 million on Feb. 10.