Philippines: Meralco, Blue Energy ink JV for hydro projects

Philippines: Meralco, Blue Energy ink JV for hydro projects

The Philippines' largest power distributor Manila Electric Co (Meralco)
signed a joint venture agreement with Singapore-based Blue Energy Holdings
and Management Corp to co-develop various hydroelectric power projects.

Both companies also signed on Wednesday a shareholders' agreement tasking
Blue Energy to put up a joint venture company through which they will
jointly pursue hydro power ventures.

Meralco and Blue Energy likewise agreed to subscribe to new shares of the
joint venture to be incorporated by the parties in total of 3,124,999 shares
priced at P1.00 per share.

The shares will represent 50 per cent minus one share (50% - 1 share) of the
authorized capital stock of the proposed JVC.

Blue Energy, as shown on Bloomberg, is a private investment vehicle co-owned
by Xie Ping and Qing Guangmei.

Meralco's net income fell 28 per cent to P5.27 billion in the second quarter
of 2016, citing a tariff cut offset an increase in sales.

The Pangilinan-led power firm also recorded a core net income, which
excludes one-time, exceptional gains and charges, less 27 per cent to P5.29
billion from the same period in 2015, resulting to a core net income for the
first half of 2016 to P10.4 billion.

Meralco's last trading price per share decreased 0.69 per cent or P2 to
close at P289 apiece.

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Ref:
http://www.dealstreetasia.com/stories/philippines-meralco-blue-energy-ink-jv
-for-hydro-projects-55368/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com