Bangkok--2 Apr--EGCO Group
EGCO Group’s wholly owned subsidiary, has successfully closed the deal to acquire the 100% shares of GPI Quezon Ltd (“GPIQ”) providing a 26% indirect ownership in Quezon Power (Philippines) Limited Co., (“QPL”). QPL operates and maintains a 460 MW coal-fired power project in the Philippines. As a result, EGCO Group’s MW equity in QPL would increase from 107.64 MW to 119.6 MW. In addition, EGCO group owns a 13.72% stake in Northern Mindanao Power Corporation. (“NMPC”). This marks the strategic step to expand its presence in the region.
Mr.Vinit Tangnoi, EGCO Group President revealed that the acquisition is in line with EGCO Group’s business plan to invest in power businesses in the ASEAN region to supplement EGCO’s domestic portfolio of IPP assets. Since QPL is the operating asset, it incurs low risk and can generate immediate income to EGCO Group.
“EGCO is selective about its investment. Apart from focusing on assets that will add long term value to the shareholders, EGCO also takes into account the assets that are well performed in terms of corporate social responsibility.”
QPL owns, operates and maintains a 460MW (net) base load pulverized coal-fired electric generation facility, a 31km, 230kV double circuit transmission line and certain related facilities in Quezon Province in the Republic of the Philippines . The plant is strategically located in the Island of Luzon which has the largest population and the largest electricity grid in the Philippines . The Quezon Power Project has been operational since May of 2000 and has achieved excellent operational and safety records. In addition, it has won numerous recognitions and awards such as “Best Operation and Maintenance Plant in Asia ” - Asian Power Awards 2006, “Best Environmental Company of the Year” - Asian Power Awards 2007 and “Corporate Social Responsibility-Environmental Excellence Awards” - the American Chamber of Commerce, 2007.
NMPC is an independent power producer in the Philippines which had been granted an Energy Conversion Agreements with the Philippine government through the National Power Corporation. EGCO BVI will own a 25.8% indirect stake in NMPC through its 40% ownership stake in Conal Holdings Corporation.
For more information, please contact:
Siriwan Jiravisitkul Vilaiporn Su-angkha Tel. 08 1173 8233
Corporate Communications Division of EGCO Group PR Consultant
Tel: 0 2998 5137, 08 1240 6798
สอบถามข้อมูลเพิ่มเติม โทร. 0811738233 EGCO Group