Cebu-based Vivant Energy Corporation and subsidiary Amberdust Holding Corporation (AHC) is expanding its foothold in Mindanao by investing Php434 million in Bukidnon-based power companies owned by Sen. Juan Miguel Zubiri.
In a disclosure to the Philippine Stock Exchange, Vivant said that both Vivant Energy and AHC is purchasing 90% of the shares of Bukidnon Power Corporation (BPC) and North Bukidnon Power Corporation (NBPC).
The purchased shares in BPC is worth Php206 million, while those in NBPC is worth Php228 million. The deal was signed last Friday (February 19).
The disclosure adds that Vivant Energy will acquire 90% of the shares, while AHC will purchase the remaining ten percent.
NBPC supplies five megawatts of the peaking power requirement in the franchise area of Bukidnon Second Electric Cooperative, Inc. through its bunker-diesel power plant in Lantapan, Bukidnon. Meanwhile, BPC owns two bunker-diesel power plants that supply the energy requirements of First Bukidnon Electric Cooperative, Inc.
Late last year, Vivant was awarded a 15-year power supply agreement by the Pampanga II Electric Cooperative.