AEV has announced the transfer of its stake in its wholly owned subsidiary Aseagas to AboitizPower’s renewable energy company holding unit, Aboitiz Renewables, Inc., which houses all its renewable power projects. AboitizPower President and COO Antonio Moraza said the sale will consolidate all of the group’s power businesses under one roof.
In a disclosure to the Philippine Stock Exchange, AEV stated that the acquisition price will be computed based on the subscription price of the shares, subject to the results of the fairness valuation being conducted by an independent financial adviser.
Aseagas, in partnership with British firm Gazasia Ltd. is constructing the USD50-million biogas plant in Lian, Batangas. Gazasia has put up an operating plant that produces liquid biomethane fuel in the United Kingdom. Using waste-to-fuel solutions, Aseagas aims to help improve air quality through sustainable, green transport solutions that uses waste that would otherwise be left to pollute the environment.
Aseagas recently marked a major safety milestone after recording one million hours of safe working without lost time incident.