CEBU-BASED Vivant Corp. announced on Tuesday that it would be infusing around P433.83 million in equity shares in Senator Juan Miguel F. Zubiri’s two power firms in Mindanao, as the listed firm plans to continue its expansion in the region.
In a regulatory filing, Vivant said its subsidiaries Vivant Energy Corp. and Amberdust Holding Corp. is set to acquire 90% of the outstanding shares from shareholders of the Bukidnon Power Corp. and North Bukidnon Power Corp. The shareholders agreement was inked last Friday, it said.
Vivant said that it would be buying the shares at purchase prices of around P205.54 million and P228.28 million, respectively. It said the Bukidnon power companies were developed by Mr. Zubiri to address the intermittent power supply in Mindanao.
Vivant said the acquisition would contribute to the continued expansion of its business activities in the Mindanao region.
In a press release on Tuesday, Mr. Zubiri was quoted as saying that the acquisition and partnership with Vivant would “greatly boost the efficiency of energy production for the province and the region.”
The investment is also seen to ensure stability and reliability of the power supply in Bukidnon province, especially during peak hours, the company said.
“We are confident in the recovery and growth of the Philippine economy, and we believe that Mindanao will play a more significant role in it. That growth will require a stable and reliable power supply, which we are committed to provide,” Vivant Energy Executive Vice-President and Chief Operating Officer Emil Andre M. Garcia said in a statement.
North Bukidnon Power, which operates a bunker-diesel power plant in Lantapan, supplies 5 megawatts (MW) of the peaking power requirement of Bukidnon Second Electric Cooperative, Inc.
Meanwhile, Bukidnon Power owns two bunker-diesel power plants that supply the energy requirements of First Bukidnon Electric Cooperative, Inc.
In the past year, Vivant’s energy unit has been partnering up with foreign firms based in Finland and Malaysia for the former’s various projects.
In June, Vivant Energy announced that it had awarded two power contracts to Malaysian firm Solarvest to install solar photovoltaic systems in Iloilo City and Bulacan.
A month later, Vivant Energy said that its unit had tapped Finnish firm Wartsila in providing the engineering and equipment to build a 23-megawatt power plant that would supply power to Bantayan island.
Vivant has interests in power generation, power distribution, and the retail electricity supply business. Its shares at the local bourse improved 7.41% or P1 to close at P14.50 on Tuesday. — Angelica Y. Yang