Commission Decision No. 06-M-003/2018 Acquisition by SMC Global Power Holdings Corporation
of Shares in Masin AES Pte. Ltd., AES Transpower Pte. Ltd., and AES Philippines Inc.
The proposed transaction involves the acquisition of SMC Global Power Holdings Corporation of (a) 51% and 49% equity interests of AES Phil Investment Pte. Ltd. and Gen Plus B. V. , respectively, in Masin-AES Pte. Ltd.; (b) 100% equity interest of the AES Corporation in AES Transpower Pte. Ltd., and (c) 100% of equity interest of AES Phil in AES Philippines Inc.
SMC Global’s portfolio in the power generation market currently includes Sual Power Plant in Sual, Pangasinan; San Roque Hydroelectric Multipurpose Power Project in San Manuel, Pangasinan; Ilijan Power Plant in Ilijan, Batangas; Limay Greenfield Clean Coal Plant in Limay, Bataan; Angat Hydroelectric Power Plant in Angat, Bulacan; and Greenfield Powerplants in Malita, Davao del Sur and Limay, Bataan.
AES, on the other hand, owns Masinloc Coal-Fired Thermal Plant and Masinloc Battery in Zambales and Kabankalan Battery Storage System in Kabankalan, Negros Occidental.
SMC Global intends to improve its baseload capacity to provide affordable and reliable supply of power to its customers, while AES Corporation aims to re-shape its global portfolio of businesses and markets to be consistent with its new strategy. As to Gen Plus B.V., their objective in pursuing the transaction is to focus on its existing power plant portfolio in the Luzon market and to pursue new development and investment opportunities for thermal and renewable power plants in the Philippines.
As a result of the transaction, SMC Global shall become the 100% owner of each of Masin-AES Pte. Ltd., AES Transpower Private Ltd. and AES Philippines Inc.