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In Brief

In Brief

Consortium to build US$400m power plant
MANILA, Philippines
The Philippines' largest bank and a leading power firm will build a 246-megawatt power plant, worth US$400 million on the central island of Cebu, officials announced Thursday.
Units of Metropolitan Bank and Trust Co (Metrobank) and Aboitiz Power Corp will construct the plant in Toledo City with Formosa Heavy Industries acting as contractor and technical partner, Aboitiz said in a statement.
Aboitiz Power said its unit, Abovant Holdings Inc had tied up with Metrobank's subsidiary, Global Business Power Corp (Global Power) and Global Formosa for the project.
Global Formosa is a joint venture between Global Power and Taiwan's Formosa Heavy Industries.
Under the agreement, Global Formosa will own 56 percent of the joint venture while Abovant will hold the remaining 44 percent.
The plant, to be commissioned by 2010, is expected to meet Cebu's growing demand for power, with the rise of business process outsourcing buildings and new hotels in the province.
Oriental debuts
MANILA, Philippines
Shares in Philippine nickel miner Oriental Peninsula rose 23 percent in the market debut of its 804 million peso (US$19 million) initial public offering, the first local listing of a minerals firm in 24 years.
Oriental Peninsula, which plans to use the proceeds to fund site development and exploration, hit a high of 3.30 pesos compared to its offer price of 2.68 pesos, above the midpoint of an earlier indicated range of 1.98-2.98 pesos and valuing the company at 4.9 billion pesos (US$117 million).
The public offer, equivalent to nearly 21 percent of its share capital, was popular among small investors.
More planes
PARIS, France
Philippines airliner Cebu Pacific has ordered four extra ATR 72-500 aircraft, planemaker ATR said on Friday.
These aircraft are the conversion into firm orders of four of the eight option aircraft included in a previous contract for six firm plus eight option aircraft inked earlier this year, ATR added.
It said the latest deal brings the total number of firm orders of ATR 72-500s to 10.
ATR is a partnership between Finmeccanica's Alenia Aeronautica company and European aerospace group EADS .
Marine killed
MANILA, Philippines
One Philippine marine and several al-Qaida-linked militants were killed in a clash early yesterday on a southern island, the military said.
The military said another marine and four civilians caught in the crossfire were wounded in the gunbattle.The militants were allegedly backed by "rogue elements" from the Moro National Liberation Front, which signed a peace deal with the government 11 years ago, the military said.


Updated : 2021-06-25 03:50 GMT+08:00