MANILA, Philippines - Global Business Power Corp. (GPBC), the power generation arm of the Metrobank group, is looking to conduct an initial public offering (IPO) in the next 3 years.

According to Metrobank chairman George S.K. Ty, GPBC still needs to establish a track record for the company before it lists its shares in the local stock market.

"We hope so. (Maybe) within the next 3 years," he told reporters over the weekend when asked about the timetable of the planned IPO.

Early this year, GBPC said it will spend $600 million to finish the construction of coal plants in Toledo, Cebu and Iloilo.

In June last year, its unit Cebu Energy Development Corp. secured a 12-year loan facility from 11 banks worth P16 billion for the 246-megawatt Toledo plant in an effort to solve the "worsening power situation in the area." With a report from BusinessWorld