May 14, 2012 3:23pm
BANGKOK—Thailand's
second-largest private power producer, Electricity Generating Pcl (EGCO), said
on Monday it would spend $375 million to buy an additional 45.875 percent stake
in Quezon Power (Phils.) Ltd. Co.’s plant in the Philippines.
The transaction,
expected to be completed in the second quarter, will raise EGCO's holding in
Quezon Power to 98 percent. Quezon owns and operates a 503 MW coal-fired power
plan.
The deal would also
include a 100 percent stake in InterGen Management Services (Philippines) Ltd.,
which provides project management and administrative services to Quezon Power,
EGCO said in a statement to the Stock Exchange of Thailand. —Reuters
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