ACR gets SEC permit to issue P1.15 billion worth of commercial papers

MANILA, Philippines — Alsons Consolidated Resources (ACR) of the Alcantara Group is poised to issue up to P1.15 billion worth of commercial papers following the approval from the Securities and Exchange Commission.

Alsons, in a stock exchange filing, said it received from the SEC the certificate of permit to offer securities for sale covering  the registration of P1.15 billion worth of commercial papers.

With the SEC permit, ACR may now offer for sale to the public the securities, subject to full compliance with provisions of the Securities Regulation Code.

The securities represent the third tranche issuance of the company’s P3 billion commercial paper program, the first of which was listed in December last year amounting to P620 million, and the second listed in June amounting P1.38 billion.

In the nine months ending September, ACR saw its earnings rise by 32 percent to P1.8 billion behind steady revenue growth.

Net income attributable to its parent company, the Alcantara Group, climbed by 12 percent to P504.6 million.

ACR revenues for the period reached P10 billion, up eight percent from last year’s P9.3 billion.

ACR said it remains a vital energy market participant in Mindanao through its 210-megawatt (MW) Sarangani Energy Corp. baseload power plant.

The facility continues to provide power to key areas in Mindanao including Sarangani Province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan and Butuan.

The company’s 100-MW Western Mindanao Power Corp. diesel plant in Zamboanga City and the 103-MW Mapalad Power Corp. diesel plant in ligan City, meanwhile, plays a vital role in supplying ancillary services to the National Grid Corp. of the Philippines to help stabilize the power grid in the Western Mindanao region.

ACR is focused on building its renewable energy capacity over the next few years, with several renewable energy facilities in the company’s pipeline.

Its 14.5-MW Siguil hydro power plant is on track for completion by yearend.

The company also continues to expand its foothold in the Mindanao region with the development of a combined hydro and solar power project in Zamboanga del Norte with a potential combined capacity of up to 37.8 MW.

ACR is also venturing into the Visayas energy market with its hydro power project in the Bago River in Negros Occidental with a planned capacity of up to 42 MW.

ACR has committed to “go the extra mile in balancing its traditional and renewable energy portfolio to balance company goals, sustainability and environmental aspirations.”

The company currently has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in the country’s second largest island.