Alsons takes control of major Philippine power producer

Buys out Thailand’s EGCO International Ltd.

Alsons Consolidated Resources, Inc has agreed to acquire EGCO’s 40% stake in Conal Holdings Corporation, giving it 100% control of Conal Holdings.

Conal has investments in Western Mindanao Power Corporation’s 100 MW diesel plant in Zamboanga City; in Southern Philippines Power Corporation’s 55 MW diesel station in Sarangani province in Mindanao and Alto Power Management Corporation, a power plant and management company.

Alsons said it will acquire full control of Conal upon completion of the agreement, allowing it to concentrate all its power-related interests in Conal.

The deal also enables Alsons to consolidate its ownership and control of the Mapalad Power Corporation’s 98 MW Iligan diesel power plant, a recent addition to Alsons’ power portfolio.

EGCO president Sahust Pratuknukul said in a letter to the Thailand Stock Exchange that unit EGCO International (B.V.I) Ltd. would dispose of its interests in Conal.