MANILA, Philippines - Century Properties Inc., the flagship firm of the family of businessman Jose E.B. Antonio, has sealed a deal to take over publicly-listed East Asia Power Resources Corp. (EAPRC).
Century Properties, which has long been eyeing to list its shares on the stock market, will subsequently be traded through a backdoor listing.
The deal covers the acquisition by Century Properties of 284.25 million shares of EAPRC shareholder El Paso Philippines Holdings Co. The sale also includes the direct purchase of 67.096 million shares in EAPRC.
As a result, Century Properties would assume control as majority owner of EAPRC.
Formerly Northwest Holdings and Resources Corp., EAPRC owns and has operated, through its subsidiaries, power-generating facilities in Metro Manila that have a total installed generating capacity of 242 megawatts (MW).
Its wholly-owned subsidiary, East Asia Diesel Power Corp., owns two power barges with an aggregate capacity of 109 MW while Duracom Mobile Power Corp. (DMPC), a 40-percent-owned unit of EADPC, owns and operates two power barges with a capacity of 133 MW.
All four power barges are located in Navotas and supplied power to Manila Electric Co. (Meralco).
As of Dec. 31, 2009, EADPC’s and DMPC’s power plant barges remained shut down due to the inability to recover all of their operating costs.
EAPRC also owns, directly and indirectly, several inactive companies, namely, Sunrise Power Co. Inc., East Asia Global Management Ltd., East Asia Power Services Inc., East Asia Transmission and Distribution Corp. and First Engineering Utilities Service Corp.