2 groups take majority control of Salcon Power

JAD Holdings Inc. and Intrepid Holdings Inc. have acquired a combined 37.64 percent stake in listed power generation firm Salcon Power Corp. (SPC).

In a disclosure to the Philippine Stock Exchange, SPC corporate information officer Alfredo Ballesteros said JAD and Intrepid have each acquired an additional 1.43 million shares. With the purchase, JAD and Intrepid now own and have the sole right to vote on a total of 281.28 million shares each of SPC.

The said number of shares translates to a corresponding 18.82 percent equity and consequent effective control of SPC, taking over from the Singapore-based Salcon Ltd.

There were no immediate details made available on the corporate profile of both JAD and Intrepid.

SPC was organized in 1994 after a consortium led by Salcon Philippines Inc. (SPI) was awarded the contract for the rehabilitation, operation, maintenance, and management (ROMM) of the Naga power plant complex in Bicol by the National Power Corp. (NPC).

From 1994 to 1997, SPC has extensively upgraded and continuously maintained the facilities of the Naga power plant complex. It has also entered into joint ventures, acquired equity interests, signed technical services agreements, and vied for similar government contracts, the most noteworthy of which is the Eight Islands diesel power plant project.

SPC is 53.7 percent owned by SPI, a Philippine subsidiary of Salcon Ltd. of Singapore. An additional 23.6 percent of the Company’s issued and outstanding capital stock is owned by other foreign entities including 5.5 percent directly held by Salcon Ltd. and the remaining 22.7 percent by Philippine nationals.

Salcon Ltd. is engaged in the development of power plants, palm oil mills, liquid storage tanks, water treatment plants, and waste water treatment plants. It has investments in companies that are engaged in power generation and distribution, environmental engineering, agro-industrial engineering, and engineering equipment and material sales in Austria, China, Germany, Indonesia, Malaysia, Philippines, Singapore, and Thailand.