ABOITIZPOWER Corp. has completed the acquisition of an additional stake in STEAG State Power Inc., giving it an 85-percent equity interest in the energy firm.
In a disclosure on Thursday, AboitizPower said it signed a share purchase agreement a day earlier for a 15.6-percent stake, equivalent to 48,202,361 common shares and 25,760,204 redeemable preferred shares, owned by STEAG GmbH in STEAG State Power Inc. for a total of $11 million.
STEAG State Power runs a 210-megawatt (MW) coal-fired power plant, including the transmission line and other facilities at the Phividec industrial estate in Misamis Oriental.
AboitizPower initially purchased a 34-percent interest in STEAG State Power in 2007. In 2022, it acquired an additional 35.4 percent from STEAG GmbH.
The transaction was said to be an opportunity for managing an existing generation facility that is a vital component of the Mindanao grid.
On Thursday, AboitizPower's share price rose by 20 centavos to P37.50 apiece.
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