SM Investments considers to IPO Philippine Geothermal
Chevron geothermal power plant Tiwi, Albay, Philippines (source: flickr/sherwin_magayanes)
Alexander Richter
11 Kas 2013
Philippine Geothermal has two running projects in Laguna and Batangas and is willing to expand its operations.
SM Investments Corp. plans to list the shares of unit Philippine Geothermal Production Co. in the stock exchange, a company executive said.
SMIC chief financial officer Jose Sio told reporters an initial public offering was one of the options for Philippine Geothermal, where the SM Group holds a 60-percent stake. Chevron Geothermal Inc. owns the balance.
“They [Philippine Geothermal] already have two projects. We’re looking for more drilling. We’re willing to go,” Sio said.
Philippine Geothermal operates the steam fields of the Tiwi-Makban power geothermal plants in Laguna and Batangas under an agreement with state-owned National Power Corp.
The Sy group is also looking at other geothermal development opportunities in Cebu, Bohol, Palawan, Samar, Northern Luzon, primarily in Kalinga, as well as in Mindanao, in a bid to become a significant player in the local renewable energy sector.
Sio said another option would be to consolidate Philippine Geothermal to the APC Group Inc.
“Yes, that’s one of the options,” he said, adding there was plan to put all “natural resources” assets of the Sy Group under APC.
“If geothermal is put in APC, APC should be natural resources,” he said.
Belle Corp., a leisure property company controlled by Sy, holds a 47-percent interest in the APC Group.
Source: Alena Mae S. Flores via Manila Standard Today Website
