By Rhea Sandique-Carlos
MANILA--Philippine conglomerate SM Investments Corp. (SM.PH)
said Friday its unit Allfirst Equity Holdings Inc. has bought a
controlling stake in Philippine Geothermal Production Co.
It bought the 60% stake from Chevron Corp. (CVX). Chevron holds
the balance, SM Investments said in a statement to the stock
exchange.
Foreign companies are prohibited from owning majority stakes in
companies exploring for indigenous or renewable energy sources.
SM Investments didn't provide financial details.
Also, SM Investments said it formed a joint venture with Manila
North Tollways Corp., or MNTC, to bid for the NAIA Expressway--a
$338 million elevated toll road linking the capital's international
airport to the Skyway and Manila-Cavite Expressway.
MNTC is a unit of Metro Pacific Investment Corp. (MPI.PH).
Write to Rhea Sandique-Carlos at
rhea.sandique-carlos@dowjones.com
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