August 24, 2024 | 12:00am
MANILA, Philippines — Primelectric Holdings Inc., a unit of Razon-led MORE Power, has assumed control of Bohol Light Co. Inc. after acquiring the 70-percent stake of SPC Power Corp. and other minority shareholders.
Primelectric president Roel Castro described the acquisition as “a valuable opportunity that should not be missed,” given Bohol Light’s strong financial performance and good track record in the power distribution business.
The company has committed to investing at least P1 billion in Bohol Light to rehabilitate and upgrade distribution assets as part of efforts to further improve the services it provides to consumers.
“We are well prepared, both technically and financially, to execute the rehabilitation and modernization strategy, ensuring a robust distribution system within the franchise area,” Castro said.
Bohol Light, a power distributor in Tagbilaran City, is predominantly privately owned, with the Bohol provincial government taking the remaining 30 percent. Its franchise remains in effect until October next year.
Primelectric is confident that its entry into Bohol Light will result in enhanced performance and higher quality of service for power users.
The Razon group is set to take over the operations of Bohol Light this year and is expected to initiate the franchise renewal application in Congress together with the Bohol provincial government.
Last year, Primelectric entered into a joint venture agreement with Central Negros Electric Cooperative (CENECO) to bring reliable and uninterruptible electric service to Negros.
The parties recently secured congressional franchise for the joint venture company, Negros Electric and Power Corp.
The franchise would enable NEPC to establish and maintain an electric power distribution system in key cities and municipalities in the province of Negros Occidental.
CENECO, meanwhile, still has six years under its current franchise, which is up to 2030.
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