EKR-led group keen on taking over Panay Electric Co.
Ports and gaming tycoon Enrique K. Razon is hoping to make his presence felt in the power sector with the planned acquisition of Panay Electric Co. , the lone electric supplier in Iloilo City.
Razon, together with businessman Walter Brown’s Monte Oro Resources & Energy Inc., are eyeing to take over the Visayas-based power supplier, the Manila Bulletin reported.
PECO IS one of the oldest private electric firms in the country.
According to Manila Bulletin, More Minerals Corp., which will be the corporate vehicle for the purchase of PECO, is funded by the bilyonaryo who owns global port operator International Container Terminal Services Inc. and integrated resort developer Bloomberry Resorts Corp.
The takeover bid, however, faces strong opposition from the PECO Employees and Workers Association (PEWA), which cited MMC’s lack of qualification to “establish, operate and maintain the business of electric power distribution and conveyance to end-users.”
Razon’s Prime Metro Power Holdings Inc. earlier teamed up with San Lorenzo Ruiz Piat Energy to build hydropower facilities to supply power distributors and end-users in Luzon.
Prime Metro will be tasked with funding the project once it completes its due diligence.