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Wednesday, May 11, 2005
Aboitiz unit buys sub-trans lines of Olongapo, Subic
Aboitiz Equity Ventures subsidiary, Subic Enerzone Corp. (SEZC), purchased 7.24 circuit-kilometers of National Transmission Corp.’s (Transco) sub-transmission lines.
The purchase included the Olongapo-SBMA Line 1 and 2, Olongapo-SBMA Line 3 and Subic-SBMA Line 4.
Transco signed its first sale contract with an economic zone for P29.4 million-worth of sub-transmission assets in Subic Bay, Olongapo, bringing the total amount of TransCo’s divested sub-transmission assets to over P500 million.
“This is our 14th sale contract and our first in an economic zone, underscoring the vast opportunities for the private sector in the power industry. More importantly, this will surely translate to better service and increased power reliability in the 181-hectare Central Business District along Subic Bay,” Transco president Alan Ortiz said.
Transco is mandated to divest all its sub-transmission assets to technically and financially qualified electric distributors. (PR)
(May 11, 2005 issue)
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