Aboitiz Power Corp. has completed its acquisition of additional shares in STEAG State Power Inc. (SPI), bringing its interest to 69.4 percent.
In a statement, Aboitiz Power said it completed the acquisition of 167.65 million shares of SPI, in accordance with the terms of the share purchase agreement, for $36.08 million plus locked box interest at a simple rate of 4% per annum (on the basis of a 365-day year) from January 1, 2021 to March 31, 2022.
The acquired shares constitute 35.4% of the outstanding capital stock of the company.
SPI operates the 210-megawatt coal-fired power plant (including the transmission line and related facilities) at the PHIVIDEC lndustrial Estate in Misamis Oriental, Mindanao.
SPI was established to develop, finance and operate the 210 megawatt coal plant.