VIVANT Corp. through its subsidiary is set to acquire 50% of the outstanding and issued shares of partner Gigawatt Power Inc. (GPI) in Calamian Island Power Corp. (CIPC).
In a stock exchange disclosure on Tuesday, Vivant said its unit, Vivant Energy Corp., will acquire a total of 1.02 million common and preferred shares of GPI in CIPC, the owner of a 7.35-megawatt (MW) bunker-fired power plant in Coron.
CIPC also owns a 0.91-MW diesel power plant in Busuanga, Palawan province. It supplies the power needs of Busuanga Island Electric Cooperative, Inc.
GPI is Vivant Energy’s co-investor in CIPC.
Vivant said the transaction had been approved by the board of directors of Vivant Energy on May 17. It described the transaction as a “strategic investment” for it to expand its investments in off-grid areas.
Vivant said about 40% of the purchase price was already remitted by Vivant Energy to GPI.
“Full payment will be due upon issuance of the Certificate Authorizing Registration and fulfillment of all conditions precedent to complete the transaction,” it said.
Vivant Energy holds the energy investment portfolio of Cebu-based listed firm Vivant. — Ashley Erika O. Jose
