PHILIPPINES – Aboitiz Power Corporation (PSE:AP)’s stock inched higher in the opening hour at the Philippine Stock Exchange (PSE) on news that it has signed an agreement for a hydropower feasibility studies in Indonesia.
Aboitiz Power Corporation (PSE:AP)’s stock was up 0.59% when the market opened this morning to Php42.45, with 2,000 shares already exchanging hands before 10 a.m.
Investors are bullish on Aboitiz Power Corporation after it informed the PSE Tuesday morning that that it entered into an agreement with SN Power AS and PT Energi Infranusantara to participate in the feasibility studies for the exploration and development of a potential 127 megawatt hydropower generation project alogn the Lariang River in Central Sulawesi, Indonesia.
PT Auriga Energi, the project company, was awarded the basic license to develop the project and is currently conducting pre-feasibility studies.
SN Power AS focuses on investments in hydroelectriciy and has several running plants in the Philippines whiel PT Energi Infranusantra is a special purpose company with an objective to invest in the energy sector.
Aboitiz Power Corporation (AP) was incorporated on February 13, 1998 as a holding company for the Aboitiz Group’s investments in power generation and distribution. – BusinessNewsAsia.com