Aboitiz Power declares P1.32-B cash dividends

Aboitiz Power Corp., the listed holding firm for all power generation and distribution assets of the Aboitiz family, has approved the declaration of cash dividends amounting to P1.32 billion or P0.18 per share.

In a disclosure to the Philippine Stock Exchange, Aboitiz Power said the cash dividends are payable on March 3.  Entitled to receive the dividends are shareholders of record as of Feb. 21.

Aboitiz Power earlier completed the acquisition of a 34-percent stake in Germany’s STEAG State Power Inc., which owns and operates the 232-megawatt coal-fired power plant in Misamis Oriental, Northern Mindanao.

The company won the auction for the 34-percent equity in August 2007 with its bid of $91.9 million.

Aboitiz Power’s distribution utilities in Mindanao include Davao Light  & Power Co.,  which is the largest distribution in Mindanao, and Cotabato Light & Power Co.

The company operates a hydropower facility in Davao and has investments in various generation assets in Mindanao, which include Western Mindanao Power Corp. in Zamboanga and Southern Philippines Power Corp. in General Santos.

A subsidiary, Hedcor, is building a 72-megawatt run-of-river hydropower plant in Davao, which is expected to be operational in 2009.