The Philippine Competition Commission approved the acquisition by Axia Power Holdings Philippines Corp., a subsidiary of Marubeni Corp., of a 50-percent stake in the 150-megawatt diesel power plant in Pililla, Rizal owned by ACE Endevor Inc., a wholly-owned subsidiary of AC Energy Philippines Inc.
ACEN said in a disclosure to the stock exchange on Wednesday it received a copy of the PCC decision finding that the transaction “will not likely result in substantial lessening of competition” and resolving “to take no further action with respect to the proposed transaction among Axia, ACEN, Endevor and Ingrid Power Holdings Inc.”
ACEN signed a shareholders’ agreement with Endevor and Axia in July for the development, construction and operation of the 150-MW diesel power plant which is expected to be operational by the first quarter of 2021.
Under the agreement, Axia will acquire 50 percent of the shares and 50 percent of the economic rights in Ingrid Power Inc., the special purpose vehicle of the Ingrid project. ACEN will hold 50 percent shares and 45 percent of the economic rights, with Endevor having a 5-percent share of the economic rights in Ingrid.