Commission Decision No. 33-M-055/2017
Acquisition by ACEHI-Star Holdings Inc. of Shares of Chevron Geothermal Philippines Holdings LLC
Allfirst Equity Holdings, Inc. (Allfirst) intends to consolidate full ownership of Philippine Geothermal Production Company, Inc. (PGPC), a domestic company engaged in geothermal energy production, by acquiring through its affiliate ACEHI Star Holdings, Inc. (ACEHI-Star) the entire interest of Union Oil Company of California, Inc. (Union Oil) in Chevron Geothermal Philippines Holdings, LLC (CGPH), holder of minority interest in of PGPC.
The acquisition will result in a complete exit from the geothermal market in the Philippines by Union Oil as it ceases to have any interest in the geothermal producer in the country.
Allfirst currently owns 60% of PGPC, while CGPH holds the remaining 40% interest in the company. CGPH is a limited liability company incorporated under the laws of California, USA and is currently wholly owned by Union Oil. ACEHI-Star is a subsidiary of Katimak Holdings, Inc., a wholly-owned subsidiary of Allfirst.