Philippines

Palm Thermal Consolidated will buy 100 percent of the outstanding capital stock of DMCI Concepcion Power Corp. The former is a wholly- owned subsidiary of Brown Co. A Brown’s other subsidiary, Panay Consolidated Land Holdings Corp., will also acquire 30 hectares of land from DMCI Power, the parent firm of DMCI Concepcion Power. According to A Brown, the two agreements may only take effect once DMCI Power has complied “with certain conditions precedent, including obtaining the requisite corporate and regulatory approvals, and after the conduct of satisfactory due diligence.” The acquisition of DMCI Concepcion by A Brown would mean that the holding firm could take over the Consunjis’ planned coal-fired power project. DMCI Concepcion has a 100-megawatt coal fired power plant project in the pipeline. It was supposed to pursue the project in Iloilo as soon as it had firmed up energy supply agreements with the electric cooperatives on the islands of Panay and Guimaras.  A Brown announced that it will also acquire all the outstanding capital stock of Hydro Link—a newly incorporated company whose purpose is to engage, conduct and carry on the business of developing, constructing, operating, repairing and maintaining hydro-electrical plants and systems, as well as other power generating or converting stations.