SPC Power board OK’s sale of Bohol Light shares to Razon’s Primelectric

SPC Power Corp. said its board of directors has approved the sale of its shares in Bohol Light Co., Inc. to Primelectric Holdings, Inc. for nearly P200 million.

The company holds a total of 29.93 million common shares priced at P6.67 per share, totaling P199.5 million in Bohol Light, the power distribution utility in Tagbilaran City, as stated in a stock exchange disclosure by the compa-ny, the company said in a stock exchange disclosure.

The sale of its share to Primelectric Holdings, a subsidiary of Razon-led MORE Electric and Power Corp. (MORE Power), was approved by SPC Power’s board on Wednesday.

The company did not disclose the percentage of its stake in Bohol Light, other than stating that the agreement between the two parties is in accordance with the terms and conditions of a share purchase agreement.

SPC Power’s other units are SPC Island Power Corp., Cebu Naga Power Corp., SPC Malaya Power Corp., SPC Light Co., Inc., and SPC Electronic Co., Inc.

The company is also the operator of the 146.5-megawatt (MW) Panay Diesel Power Plant and the 22-MW Bohol Diesel power plant in Tagbilaran City, Bohol, according to the company’s website.

At the stock exchange on Thursday, shares in the company closed 19 centavos or 2.03% lower to end at P9.17 apiece. — Ashley Erika O. Jose