Red Vulcan Holdings, a consortium formed by First Gen (FGC), Netherlands-based Spalmare Holdings and Prime Terracota Holdings, offered PHP58.5 billion for PNOC-Energy Development Corporation’s (PNOC-EDC) six billion common shares and 7.5 billion preferred shares.
Francis Puno, chief finance officer of FGC, said: We plan to finance the acquisition partly by internally generated funds and bank borrowings.
In 2006, PNOC-EDC accounted for approximately 7.35% of the Philippines’s 15,619MW installed power-generation capacity and contributed 11.66% of the 56,148GWh total power generated.
