Aleco board accepts San Miguel takeover bid
MANILA, Philippines - The board of the Albay Electric Cooperative has accepted the proposed takeover of the coop by San Miguel Corp.'s energy unit.
Aleco spokesperson Hezel Morallos said the board sent the letter of acceptance to San Miguel after its meeting on Monday.
Under the proposal, San Miguel Corp.'s subsidiary SMC Global Power Holdings Corp. will manage Aleco for at least 25 years and shoulder its debt, which stands at more than P4 billion.
In Saturday's referendum, Albay consumers voted in favor of the private sector's takeover of Aleco, rather than an electric cooperative.
Last July, the National Grid Corp. of the Philippines cut off power in the entire province of Albay due to its unpaid debt. - ANC