MANILA ELECTRIC Co. (Meralco) on Monday said the assets and operations of the Electricity Company of Ghana (ECG) had been handed over to the consortium participated in by the distribution utility.
In a disclosure to the stock exchange, Meralco said the assets were transferred on March 1 to Power Distribution Services Ghana Ltd. (PDS), a consortium that includes Meralco through Meridian Power Ventures Ltd., AEnergia SA, an Angolan company, and three Ghanaian firms, namely: TG Energy Solutions Ghana Ltd., Santa Power Ltd. and GTS Power Ltd.
鈥淭he hand-over was pursuant to the award to the PDS Consortium, which will be the electricity service provider in all of ECG鈥檚 operational areas in the Southern Distribution Zone of Ghana, under a 20-year Concession Agreement approved by the Government of Ghana,鈥 it said.
鈥淓CG鈥檚 assets would be leased to the PDS, the concessionaire, while the ECG would become an Asset Holding Company, and after the end of the Concession, all assets would be transferred back to it,鈥 Meralco added.
Meralco said the PDC consortium intends to invest $580 million as capital expenditure. The consortium is expected to strengthen the governance, management and operations of the ECG and improve the delivery of power to end users as well as support Ghana鈥檚 socio-economic growth.
On Monday, shares in Meralco rose by 0.87% to close at P370.20 each.
Meralco鈥檚 controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in 大象传媒 through the Philippine Star Group, which it controls. 鈥 Victor V. Saulon

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