TAGBILARAN CITY — Primelectric Holdings Inc. (PHI), a subsidiary of the Enrique Razon-led More Electric and Power Corp. (More Power) in Iloilo City, now holds a controlling stake in Bohol Light Company Inc. (BLCI).
This was achieved through the acquisition of 70 percent of shares in BLCI from SPC Power Corp. Formerly known as Salcon Power Corp., the seller was the original joint venture partner of the provincial government of Bohol, which has a 30-percent ownership stake in BLCI.
Roel Castro, president of Primelectric, said the firm’s entry into BLCI aims to further elevate consumer service standards through substantial capital investments of at least P1 billion to rehabilitate and modernize distribution assets.
READ: SPC sells P199.5-M stake in Bohol Light
“Acquiring BLCI is a valuable opportunity we should not miss. We love to serve the consumers better,” Castro said in a statement.
“We are well-prepared, both technically and financially, to execute the rehabilitation and modernization strategy, ensuring a robust distribution system within the franchise area,” he added.
Castro said Primelectric will continue to improve its performance and deliver quality service to BLCI consumers.
James Roy Villareal, executive vice president of SPC Power, said they were satisfied with the acquisition made by the Razon group, emphasizing consumer welfare as a focal point.
Villareal lauded Primelectric’s track record, mainly through More Power, for “significantly enhancing consumer services in Iloilo City,” influencing their decision to sell their shares.
Primelectric is slated to assume operational control this year and will initiate the franchise renewal application in Congress alongside the provincial government of Bohol. INQ