Alcantara-led Alsons Consolidated Resources Inc. (ACR) said it is still exploring the best option for letting go of its property business.
ACR is engaged in the business of exploration of oil, petroleum and other mineral products. It is into the property development business through its subsidiary, Alsons Land Corp. (ALC), which is engaged in an approximately 72-hole golf course development with a residential component called the Eagle Ridge Golf & Residential Estate.
ACR Executive Vice President Tirso G. Santillan Jr. said the company is still assessing whether “to dispose ALC now or have ALC develop and dispose of its properties later.”
“This would mean divesting of our property business. We are still looking of a way of accomplishing this. We are still studying the most effective way.”
The company, he assured, will carry it out “in the way that best maximizes stockholder value.”
ACR sees better performance this year mainly on the back of the full operation of its coal power plant in Sarangani.
“For the rest of the year, we are cautiously optimistic on the financial performance of the company,” said ACR Deputy Chief Finance Officer Philip Edward Sagun.
In particular, he said the company expects higher revenues and profit margins from the full operations of Sarangani Energy Corp. Unit 2 (SEC2).
Last year, ACR’s 210 MW SEC baseload coal-fired power plant in Maasim, Sarangani began operating its full capacity when the plant’s second 105 MW section came online.
SEC currently provides power to key areas in Mindanao including Sarangani Province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan. The $570-million SEC plant is the single largest investment in Sarangani Province and the entire Region 12.
ACR’S projects in the pipeline are the P4.5-billion 14.5 MW Siguil Hydro run of river hydroelectric power plant in Maasim, Sarangani Province and the 105 MW San Ramon Power, Inc. (SRPI) baseload coal-fired power plant in Zamboanga City.
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