AboitizPower to sell bonds in Q1 2021

By Lenie Lectura – December 16, 2020
from Business Mirror

ABOITIZ Power Corp. is set to issue in the first quarter of next year the first tranche of its P30-billion securities under the shelf registration program of the Securities and Exchange Commission.

The amount will be issued in tranches, starting with P4 billion. The company intends to list the first tranche with the Philippine Dealing and Exchange Corporation (PDEx).

“The Board of Directors of the Company approved the issuance of the first tranche of the Retail Bonds under the shelf registration statement, consisting of up to P4 billion, with oversubscription option of up to P4 billion.

This first tranche is expected to be offered to the general public, subject to market conditions, during the first quarter of 2021,” it said.

AboitizPower said its Board of Directors approved this last December 14.

“Proceeds of the first tranche of the Retail Bonds will be used for refinancing of corporate debts and/or for other general corporate purposes,” it added.

Meanwhile, Aboitiz Power unit Davao Light and Power Company (Davao Light), GET Philippines, and QEV Technologies in Spain launched last week the BEST Bus project  the first fully electric, free-ride shuttle service in Mindanao.

The project was launched in partnership with the city government of Davao.

BEST stands for Business for Environmentally Sustainable Transformation, and is an initiative advocating to “be green, be digital, and be kind” for the betterment of the community.

Davao City Mayor Sara Duterte expressed her gratitude to Davao Light and GET Philippines for supporting the city’s various initiatives over the years.

She stressed that the project is a welcome initiative as it is aligned with the city’s efforts to provide efficient and environmentally sustainable transportation options for the riding public.

“These buses marry modern convenience, functionality and environmental  sustainability, and will be a treat for Dabawenyos this Christmas season—for not only are they fully electric and zero-emission buses, but they are also  equipped with internet connectivity, and ramps and wheelchair slots for  persons with disabilities,” she said.

Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz said the company has a long history with Davao City, starting with the city’s 9-1-1 system that used Davao Light’s electric posts as one of the means to get the system running.

The Group also manages Cleanergy Park, an icon of biodiversity in the city, and operates Apo Agua Infrastructura Inc., which currently builds an alternative water source for the city’s future water needs.