The board of Aboitiz Equity Ventures Inc. approved the sale of all of its equity interests in Aseagas Corp. to Aboitiz Renewables Inc., a wholly-owned subsidiary of Aboitiz Power Corp.
“The sale is subject to the usual closing conditions and approvals,” Aboitiz Equity said in a disclosure to the Philippine Stock Exchange on Friday.
Aboitiz Equity said the acquisition price would be computed based on the subscription price of the shares, subject to the results of the fairness valuation being conducted by an independent financial adviser.
Aseagas is a wholly owned subsidiary of Aboitiz Equity and the project company of the 8.8-megawatt biomass plant in Sitio Hermosa, Barangay Malaruhatan, Lian Batangas that utilizes organic wastes.
Aboitiz Renewables, meanwhile, is the holding company of Aboitiz Power’s investments in renewable energy.
Aseagas recently marked a major safety milestone after recording one million hours of safe working without lost time incident.