Aboitiz Group consolidates renewable energy business
Aboitiz Equity Ventures Inc. (AEV) of Bilyonaryo Jon Ramon Aboitiz is consolidating its renewable energy business under one company.
The company’s Board of Directors approved the sale of all of its equity interests in Aseagas Corp. to Aboitiz Renewables Inc.
Aboitiz Renewables is a wholly owned subsidiary of Aboitiz Power Corp.
The holding company said the sale is subject to the usual closing conditions and approvals.
Likewise, the acquisition price will be computed based on the subscription price of the shares, subject to the results of the fairness valuation being conducted by an independent financial adviser.
Aseagas is a wholly owned subsidiary of AEV operating biomass renewable energy plant that utilizes organic wastes.
Aboitiz Renewables, on the other hand, is the holding company of AboitizPower’s investments in renewable energy.
Aside from power distribution and generation, the Aboitiz Group is into financial services, food manufacturing, real estate, and portfolio investments.