SPC Power signs deal to sell stake in BLCI to Prime electric

By Alena Mae S. Flores – August 27, 2024, 7:30 pm
from manilastandard.net

SPC Power Corp. executed a share purchase agreement for the sale of its 39.9-percent interest in Bohol Light Co. Inc. to businessman Enrique Razon Jr.’s Primelectric Holdings Inc. for P199 million.

SPC Power said in a disclosure to the stock exchange Tuesday the sale involved 29.925 million common shares in Bohol Light for P6.67 apiece.

Bohol Light is a distribution utility engaged in distributing electricity within its franchise area covering Tagbilaran City.

“Purchase price is favorable to the corporation and proceeds of sale shall be utilized for the growth of the corporation,” SPC said.

SPC said that on Aug. 22, 2024, the company, together with other selling shareholders and Primelectric executed the sale and purchase agreement for 70 percent of total and outstanding shares in Bohol Light, which includes its 29.925 common shares. The remaining 30 percent is held by the Bohol provincial government.

“Acquiring BLCI is a valuable opportunity that should not be missed,” said Primelectric president Roel Castro last week.

Castro said Primelectric’s entry into Bohol Light would further elevate consumer service standards through substantial capital investments of at least P1 billion in rehabilitating and modernizing distribution assets.

“We are well-prepared, both technically and financially, to execute the rehabilitation and modernization strategy, ensuring a robust distribution system within the franchise area,” he said.