Gokongwei-owned JG Summit Holdings has acquired a 30 percent stake in Global Business Power Corp. (GBPC) from major investors led by GT Capital Holdings Inc. JG Summit acquired 22 percent from GT Capital and eight percent from Meralco Power Gen.
Ty-led GT Capital decided to dispose of its 22 percent stake in the power plant shortly after it acquired the stake of Orix P&E Philippines Corp. in GBPC. GT Capital said the move is in line with the group’s decision to continue its indirect participation in the power industry, in a disclosure to the Philippine Stock Exchange yesterday.
In a separate disclosure, JG Summit said the move expands its participation in the power sector.
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