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Singapore state firm acquires more than 5% in EDC

Bacon-Manito geothermal power plant, Philippines (source: First Gen Corp.)
Alexander Richter 7 Sep 2013

Singapore state firm GIC Private Limited has acquired a bit more than 5% in Energy Development Corp. (EDC) in the Philippines.

Announced on Friday this week, Singapore state firm GIC Private Limited (GIC) has acquired more than 5% of Energy Development Corp. (EDC) in the Philippines through several transactions from July to August, as reported by EDC in a disclosure on Friday.

Through transactions from July 1 to Aug. 30 GIC had accumulated a total of 942,774,249 shares equivalent to 5.0281% of the total common shares issued by EDC. These shares are held in the central depository and registered in the name of PCD Nominee Corp.

“The securities were acquired for purpose of investment. GIC has no plans or proposal to take control of the registrant,” the document read.

GIC, a company fully owned by the Singaporean government, was incorporated in 1981 to manage state investments in order “to preserve and enhance Singapore’s foreign reserves”, according to the company’s Web site. It manages approximately $100 billion worth of assets like equities, real estate and natural resources in over 40 countries.

Meanwhile, EDC is the largest producer of geothermal energy in the Philippines. The firm currently operates 12 power facilities in five geothermal service contract areas in the country, including the 192.5-megawatt (MW) Palinpinon plant in Negros Oriental and 112.5-MW Tongonan plant in Leyte.”

Source: Business World Online