SPC sells P199.5-M stake in Bohol Light

MANILA, Philippines — Cebu-based SPC Power Corp. is divesting its stake in Bohol Light Co. Inc. (BLCI), a power distributor that serves Tagbilaran City, to Razon group affiliate Primelectric Holdings Inc.

In a disclosure on Thursday, SPC Power said its board approved the sale of its 29.92 million common shares in BLCI to Primelectric Holdings Inc. for P6.67 apiece or a total of P199.5 million.

Neither SPC Power nor Primelectric Holdings, a sister company of Razon-led MORE Electric and Power Corp., responded to inquiries regarding the transaction.

However, SPC Power said the sale will be facilitated through “the terms and conditions of a share purchase agreement and other definitive documents to be entered into by the parties.”

Incorporated in 2000, BLCI is engaged in the business of supply and distribution of electricity. According to its website, BLCI is 70-percent privately owned, with the provincial government of Bohol holding the remaining 30 percent.

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In its annual report for 2023, SPC Power said it owns a 53.66 percent interest in BLCI, which has a franchise to operate electric, light and power services for 25 years until 2025.

BLCI continues to operate even as it awaits the Energy Regulatory Commission’s approval to renew its certificate of public convenience and necessity that lapsed in 2021. —Jordeene B. Lagare