Commission Decision No. 31-M-025/2019:
In the Matter of In the Matter of the Proposed Acquisition
by Proverbs 16, Inc. of Shares in BVI (PhilCo), ACE BVl (B), and ACE BVl (D)
The proposed transaction involves GNPower Kauswagan Ltd. Co. (GNPK), which is a company established to own and operate a 4x138MW (net) coal-fired power plant in Kauswagan, Lanao del Norte. The project is estimated to be completed by the fourth quarter of 2019.
The transaction involves the acquisition in tranches by Proverbs 16, Inc., a holding company, of an indirect ownership interest in GNPK—through the purchase of (i) seventy percent (70%) of the shares in BVI [PhilCo], (ii) seventy percent (70%) of the shares in ACE BVI [B], and (iii) one hundred percent (100%) of the shares in ACE BVI[D], with their incorporation pending at the time of this notification.
Following the completion of the proposed transaction, AC Energy, Inc., the energy platform of the Ayala Group, will exit from its investment in GNPK’s coal-fired power plant project.