Aboitiz firm acquires four power barges

MANILA, Philippines — Therma Mobile Inc., a wholly owned subsidiary of Aboitiz Power Corp., has purchased four power barges from Duracom Mobile Power Corp. and East Asia Diesel Power Corp.

In a disclosure to the Philippine Stock Exchange on Monday, Aboitiz Power corporate secretary M. Jasmine Oporto said the acquisition included the floating power generators’ respective operating facilities.

Details of the transaction were not revealed, however, due to a non-disclosure agreement among the parties.

The four power barges, all located in Navotas, Manila, have not been operating for the past few years due to both companies’ inability to recover the costs of operating the generation facilities.

East Asia Diesel, a wholly owned subsidiary of listed firm East Asia Power Resources Corp., owns 40 percent of Duracom.

Meanwhile, East Asia Power said in a separate disclosure that it had sold all of its shares in East Asia Diesel, as well as its credit interests in East Asia Diesel and Duracom to YNN Holding Corp.

East Asia Power corporate information officer Neko Lyree Uson-Cruz said the terms and conditions for the sale had already been fulfilled.

The share purchase agreement was signed last May 24, while the agreement of assignment of credit interests was inked last May 27. Both agreements had now been fully executed.

Apart from East Asia Diesel and Duracom, East Asia Power also owned, directly and indirectly, Sunrise Power Co. Inc., East Asia Global Management Ltd., East Asia Power Services Inc., East Asia Transmission and Distribution Corp., and First Engineering Utilities Service Corp.