AboitizPower completes $11-M STEAG State buy-in

By Ed Paolo Salting

May 18, 2024 12:17 am

ABOITIZ Power Corp. (AboitizPower) said Friday it had officially completed the acquisition of an additional 15.6-percent stake in Mindanao coal plant operator STEAG State Power Inc., a subsidiary of German firm STEAG GmbH.

In a disclosure, the company said that it signed, on May 15, the deed of absolute sale of shares for the acquisition of more than 48 million common shares and more than 25 million redeemable preferred shares of STEAG State from STEAG GmbH for a total purchase price of $11 million.

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