Ayala plans to invest in power sector

culled from http://www.pna.gov.ph

THE Ayala Corporation is looking at the possibility of investing in the power industry. “As a holding company, we continue to look at investment opportunities, including investment in the power sector,” Ayala Corporation senior managing director and chief finance officer Rufino Luis Manotok said in a disclosure to the Philippine Stock Exchange on Monday.

However, Manotok said that so far, the company had not made any discussions to any other power company.

“We have not made any commitment to invest in the power sector at this time,” Manotok said.

It was reported that the Ayala conglomerate was eyeing the Lopez-owned Energy Development Corporation (EDC).

Ayala Corporation, is a holding company for the diversified interests of the Ayala Group.

It was founded in 1834 and is the oldest and largest conglomerate operating in the Philippines.

The company has a portfolio of diverse business interests, including investments in retail, real estate, banking, telecommunications, electronics, information technology, water infrastructure and management and business process outsourcing.

EDC, the country’s largest producer of geothermal energy, posted P19.1 billion in revenues in fiscal year 2008, higher than the P18.8 billion recorded in 2007.

EDC accounts for more than 60 percent of the country’s installed geothermal capacity. It has acquired 60 percent of First Gen Hydro Power Corporation (FGHPC), operator of the Pantabangan-Masiway hydroelectric power complex.

The company, formerly a subsidiary of the Philippine National Oil Company, was privatized in 2007 with Red Vulcan Holdings Corporation declared as the winning bidder with a bid offer of P58 billion.

About Ayala Corporation

The Group’s principal activities are carried out through its Real Estate and Hotels, Electronic and Information Technology, Water Utilities, Automotive and International divisions.

Real Estate and Hotels focuses on planning and development of integrated residential and commercial communities; development and sale of residential and commercial lots and the development and leasing of retail and office space.

Electronic and Information Technology focuses on contract assembly and export of electronic products and components and circuit boards. Telecommunications provides wireline voice and wireline data communication, and interexchange carrier services.

This divisions delivers water and sewerage services. Automotive manufactures and sells passenger cars and commercial vehicles. The International operation focuses on investments in overseas property companies and projects.

The Group also has operations relating to air charter services, food and agri-business. with report from wrightreports.ecnext.com

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