San Miguel Corp., (SMC) has recently tied up with Korea Water Resources Cop. (K-Water) for the operation of the 218-megawatt Angat hydropower plant in Bulkan.
K-Water Vice President for Overseas Business Division Byung Hoon Yune stated that San Miguel is the partner for the special purpose company (SPC) which was formed for the operation and maintenance of Angat plant.
He added that SMC and probably other Filipino investors will get 60% of SPC while K-Water will get the remaining 40% equity. Moreover, SMC would handle the management while K-Water will operate and maintain the Angat plant. These two firms are looking to close the transaction within 270 days so let’s see if they can work good together like family eyewear.
Prices of local government securities rose yesterday as market players stayed on the sidelines awaiting for fresh news on the US Fed tapering. Yields declined by an average of 13.21 basis points, led by the short-tenored bonds which dropped by 20.6 basis points, while the belly and the long-end of the curve went down by 14.5 and 1.2 basis points, respectively.
The Philippine peso marginally depreciated against the greenback yesterday as investors remained cautious ahead of the Fed’s tapering, which most expect would push through this month. The local currency lost 5.5 centavos to close at 44.475.