Top Aboitiz Power executive steps down

By Myrna M. Velasco – July 30, 2018, 10:00 PM
from Manila Bulletin

The president and chief executive officer (CEO) of Aboitiz Power Corporation – Antonio R. Moraza, will be ending his term at the company on August 31 this year, on what he opted to be as “early retirement” track.

Moraza previously indicated retirement schedule in 2019, hence, that decision is an advance cessation of his term compared to what was previously targeted.

In his place, Erramon I. Aboitiz had been reinstated as president and CEO effective September 1, 2018; a post he held prior to his elevation into the chairmanship of the corporation.

In the same meeting of the company’s board of directors on Thursday, Aboitiz Power also approved the appointment of Saturnino E. Nicanor as its group internal audit head effective July 26 this year.

Further, the firm’s board directors had given go-signal on the issuance of fixed rate retail bonds from its remaining P27-billion facility.

That had been out of the P30-billion bond issuance registered last year under the shelf registration program of the Securities and Exchange Commission. The company’s board has also delegated to its management “the final determination of the issue amount, interest rate, offer price, tenors and other terms and conditions of the bonds – including the parties that will manage the offer.”

As emphasized, “the bonds will be issued in one or more tranches depending on market conditions and are expected to be offered to the general public in the third or fourth quarter of 2018.”

The proceeds of the bond offer will be utilized to bankroll potential acquisitions, future investments, refinance existing debts as well as other general corporate requirements.

Once concretized, the Aboitiz firm indicated that it will be listing its bond issue with the Philippine Dealing and Exchange Corporation.

The ongoing big investment for the Aboitiz group is the two-unit 1,336-megawatt Dinginin coal-fired power project in Mariveles, Bataan, its partnership with the Ayala group.