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By: Marvin Germo | April 6, 2020

Aboitiz Power & Wind Farm in Vietnam

Just recently, Aboitiz Power Corporation announced that it terminated its previous deal to totally acquire a wind power company located in Vietnam. The company disclosed that through its AboitizPower International Pte. Ltd., it broke off the deal to buy 100% of the interest of Armstrong Southeast Asia Clean Energy Fund Pte. Ltd. in Mekong Wind Pte. Ltd. The reason for this is due to a condition precedent not being met by the longstop date agreed by both parties. Here are some of the details to support this news.

Catch me in my live training events! (quick plug)

The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing.  I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the training below.
Stock Smarts Manila: March 14, 15, 21, 22 & 28, 2020
Stock Smarts Singapore: May 16 – 17, 2020
Stock Smarts New Zealand: June 6 – 7, 2020
Stock Smarts Sydney: July 11 – 12, 2020
Stock Smarts London: April 18 – 19, 2020

Previous Acquisition Deal

Both companies have signed a share purchase agreement last August 2019 in order to buy the interest in Mekong Wind—a company that also owns 99.99% direct interest in Dam Nai Wind Power JSC. Dam Nai is an onshore wind power facility located in Ninh Thuan Province in Southern Vietnam. The facility has a total capacity of 39.4 megawatts (MW). The transaction was supposed to be completed by the last quarter of 2019. Aboitiz Power said that it is still in contact with Armstrong regarding the deal so they can consider it in the future.

Aboitiz Power Files Retail Bonds Offering

Aboitiz Power Corporation (AboitizPower) is also waiting for the approval of the Securities and Exchange Commission for the issuance of its P9.6 fixed-rate retails bonds, which is the fourth tranche of its P30-billion bonds registered in 2017. This is placed under SEC’s shelf registration program. According to the firm, it has filed for the application and it is expecting that the bond offering will start in the second or third quarter of this year. The bonds are going to be in one or two series as what is mentioned.

Proceeds For Infusions

According to Aboitiz Power, the proceeds of this offering will be allocated for the reimbursement equity infusions and fund succeeding infusions into AA Thermal, Inc. The bonds will be listed with the Philippine Dealing and Exchange Corporation. If you don’t have an idea of what AA Thermal does, it serves as a platform of AC Energy, Inc., which is operated by Ayala. Its shares were acquired by Aboitiz Power in 2019, which gives the firm a 49% voting stake and 60% economic interest in AA Thermal. With this information given, the firm is also looking forward to investing in Therma Power, Inc. so it can push the construction of its two 668-megawatt supercritical coal-fired power plant units with GNPower Dinginin Ltd. Co. AA Thermal has an interest in this company too.

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For more details and to order my other books: Marvin Germo Book Orders