SPC Power Corp. has asked the Philippine Stock Exchange to lift the suspension of trading of its shares after complying with the minimum 10 percent public ownership rule.
SPC disclosed to the Philippine Stock Exchange its minimum public ownership float is now at 11.74 percent, up from 9.74 percent in end-September.
SPC said the sale of shares of Intrepid Holdings Inc., a principal shareholder of listed SPC Power, had materialized.
Intrepid sold 29,931,036 shares in the corporation to LDI Power Holdings Inc. to enable SPC Power to comply with the minimum public ownership rule.
The shares represent two percent of the total issued and outstanding capital stock of the corporation.
The sale of Intrepid’s shares to LDI Power was done through a deed of absolute sale executed on September 9, 2016.
“The Corporation is preparing the documentary requirements necessary to comply with the minimum public ownership rule in relation to the lifting of the trading suspension,” SPC Power said earlier.
PSE suspended the trading of SPC Power’s shares in May for failing to meet the minimum ownership rule.
SPC Power previously disclosed that its public ownership percentage was at 9.74 percent with 145,728,198 shares owned by the public. It has a capitalization of P6 billion. SPC Power said the minimum public ownership level of 10 percent was slightly breached down to 9.74 percent from 10.13 percent in March.
SPC Power said drop in public ownership “this was due to acquisitions of some shares from the public sector by certain individuals, especially officers and directors.”
“We intend to correct this deficiency and go back to within 10 percent public ownership level... We intend to do either or all of the following: sell some of the shares that we have to the public, or unload some of the shares presently owned by some directors or officers to the public,” it said.
SPC Power, formerly Salcon Power Corp., was incorporated on March 11, 1994 as a venture company organized by members of the Salcon Consortium which entered into a rehabilitation, operation, maintenance and management agreement with the National Power Corp. on March 25, 1994 for the purpose of undertaking the ROMM of the 203.8 megawatt Naga power plant complex in Colon, Naga, Cebu.
SPC Power was authorized to sell all of the electricity generated from the Naga power plant complex to NPC under a take-or-pay agreement.
The company acquired on January 29, 2010, the land-based gas turbines for strategic purposes as these are located in the power plant complex that is presently occupied by SPC Power in its operation of the Cebu thermal power plants and the Cebu diesel power plants under the ROMM agreement.
Prior to the expiration of the LBGTs’ operation and maintenance services contract entered into by the Company and Power Sector Assets and Liabilities Management Corp. in September 2014, SPC Power purchased the 151.1 MW Naga power plant, and said plant was turned over to the Company on the same day.
SPC Power’s subsidiaries are SPC Island Power Corp.; Cebu Naga Power Corp.; SPC Malaya Power Corp.; Bohol Light Co., Inc.; SPC Light Co., Inc.; and SPC Electric Co. The company’s associates are Mactan Electric Company, Inc. and KEPCO SPC Power Corp.