SMIC’s Philippine Geothermal Production Company acquisition gets green light

The consideration paid for the acquisition was around $284.8m.

Philippines’ SM Investments Corporation's (SMIC) acquisition of an 81% stake of related parties in Allfirst Equity Holdings Inc, the holding company for the Philippine Geothermal Production Company, Inc. (PGCP), has been approved by the Securities and Exchange Commission.

In a statement, SMIC said the total consideration paid for the transaction was around $284.8m (P15.76b) and involved the issuance of 17.44 million new shares to the company, equivalent to 1.4% of shares outstanding in SMIC.

Following the transaction, SMIC will hold 100% ownership in PGCP.

“The acquisition of PGPC is sizeable, accretive to our shareholders, and a strong strategic fit with our portfolio of investments in high-growth sectors in the Philippines. It further reinforces the SM Group’s commitment to sustainability, good governance and acting as a catalyst for responsible development in the communities we serve,” said SMIC President and CEO Frederic C. Dybuncio.

PGCP operates the Tiwi and Mak-Ban steam fields who generate combined geothermal steam sufficient to produce around 300 megawatts of electricity. Tiwi is the first commercial-scale geothermal steam field development in Southeast Asia followed by Mak-Ban, which both operate since 1979.

The geothermal firm also has other greenfield concession areas for geothermal steam production which will be developed soon.

$1 = P55.34

Follow the link for more news on

SM Investments Corp.

Also Read

J&V Energy acquires stake in 180-MW solar project in PH

JERA sells stake in Thai solar project

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit