Ayala Corp. Divesting From Three Hydroelectric Companies
January 02 2017 - 9:54PM
Dow Jones News
By Cris Larano
MANILA--Philippine conglomerate Ayala Corp. (AC.PH) said Tuesday
it is selling investments in three companies that build small
hydroelectric projects around the country.
Ayala said wholly-owned AC Energy Holdings Inc. is selling its
70% stake in power firms QuadRiver Energy Corp., Philnew Hydro
Power Corp. and PhilnewRiver Corporation to partner Sta. Clara
Group.
Sta. Clara has a 30% interest in each of the three
companies.
Ayala didn't provide financial details on the transaction and
didn't say why it was selling its stakes.
Just before Christmas, however, a consortium that included AC
Energy won a bid for the geothermal assets of Chevron Corp. in the
Philippines and Indonesia.
Write to Cris Larano at cris.larano@wsj.com
(END) Dow Jones Newswires
January 02, 2017 21:39 ET (02:39 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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