ECGO bags 100% indirect interest of QPPL

(Photo from EGCO’s website)

MANILA – Thailand-firm Electricity Generating Public Co. Ltd. (EGCO) has acquired the entire indirect interest of Quezon Power (Philippines) Limited Co. (QPL), after a 2-percent acquisition from PMR Holding Corp.

In a letter addressed to the Thailand Stock Exchange obtained from its website Friday, EGCO said it “entered into the Sale and Purchase Agreement on Sept 30. 2015 and completed the purchase on Oct. 1, 2015. Following the completion of the purchase, EGCO holds a 100 percent indirect ownership interest in QPL.

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EGCO acquired the 2-percent stake for US$ 15.03 million.

QPL owns, operates and maintains the 503-megawatt (MW) coal fired power plant, transmission line and its related facilities in Mauban, Quezon.

PMR Limited Co. is a Philippine limited partnership formed by PMR Holdings, which was created to resolve the power shortages in 1992 and 1993.