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INVESTORS EYE STAKE IN PHILIPPINES POWER CO RED VULCAN.
MANILA, May 1 Asia Pulse - Potential investors have already approached the First Philippine Holdings Corp. with its planned disposal of a portion of Red Vulcan Holdings Corp.
Elpidio Ibanez, president and chief operating officer of FPHC, said they are looking at closing the sale within the third quarter of this year.
"There are several groups that are interested and they're going into their own due diligence process and they would go into their own fund-raising program and that really is what is going to take time," Ibaez told reporters.
FPHC owns 66 per cent of First Gen, one of the country's largest power generation companies.
Ibaez also said First Gen tapped JP Morgan (S.E.A)Limited as its financial advisor for the proposed sale of a portion of its equity stake in Red Vulcan.
First Gen owned Red Vulcan and controls also the majority in PNOC Energy Development Corp. following the successful bidding for the PNOC-EDC shares conducted by the government in November last year.
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