SPC Power Corp., a listed power company, has finalized the sale of its 39.9 percent stake in power distribution firm Bohol Light Company, Inc. to Primelectric Holdings Inc. SPC Power secured board approval for the sale on April 25.
SPC Power, alongside other selling shareholders, executed a Share Purchase Agreement with Primelectric involving shares representing 70 percent of Bohol Light at P6.67 each. SPC Power held 29.9 million common shares and will get P199.5 million for its share block.
The sale values Bohol Light, which operates in Tagbilaran City, at P499.8 million.
The proceeds from the sale are intended to support growth initiatives of SPC Power. The transaction is viewed as favorable to the corporation, providing a substantial cash inflow that will be utilized for strategic investments and expansion.The divestment aligns with SPC Power’s broader strategy to enhance its growth prospects and position within the energy sector.
