JG Summit buys 30% of Global Power for P11.8B

GOKONGWEI-led conglomerate JG Summit Holdings Inc. has cemented its partnership with the group of businessman Manuel V. Pangilinan by buying into Global Business Power Corporation (GBPC), a leading independent power generation firm in the Visayas.

JG Summit has agreed to buy 577.21 million common shares or 30 percent of GBPC from GT Capital Holdings Inc. and MERALCO PowerGen Corp. for around P11.8 billion, the conglomerate told the Philippine Stock Exchange.

The purchase – which extends JG Summit’s partnership with the Pangilinan-led First Pacific Co. Ltd. beyond Philippine crown jewels Manila Electric Co. and PLDT Inc. – had been approved by JG Summit’s board of directors.

GBPC has a combined gross maximum power generation capacity of 704 megawatts (MW) comprising 696.5 MW of power supplied to the Visayas grid and 7.5 MW of power supplied within Mindoro island.

JG Summit agreed to buy 423.28 million shares from GT Capital and 153.92 million shares from MERALCO PowerGen for P20.47 each.