APC Group expects entry of foreign investor

Kristine Jane R. Liu

BusinessWorld

LISTED HOLDING company APC Group, Inc. is cleaning up its balance sheet to facilitate the entry of a foreign partner.

The company is undergoing a “quasi-reorganization” by reducing the par value of its shares to halve a deficit in retained earnings. “The new par value of the company’s shares and the exact amount of the resulting reduction in deficit will be decided after further study and consideration,” the APC Group said in a disclosure last month.

As of September, the deficit stood at P7.74 billion.

“We are currently in talks with a foreign geothermal operator for a possible joint venture. We just want to rid APC of deficits so we can move forward,” APC Group Chairman Willie N. Ocier said in an interview.

Mr. Ocier said the APC Group already has a geothermal service contract with the Department of Energy in the Kalinga and Apayao provinces.

The geothermal plant, he said, will have an estimated power generation capacity of 200 megawatts. Mr. Ocier said APC is still working out other details with the foreign partner. Read more...