AEV eyes more funds from retail bonds
01/15/2009 | 06:39 PM
MANILA, Philippines Aboitiz Equity Ventures Inc., which holds the business interests of the Aboitiz family, is seeking to boost its war chest to acquire more power assets of the government, company officials said on Thursday.
Erramon Aboitiz, the new president and chief executive officer of AEV, told reporters that the company is eyeing to raise anywhere between P2 billion and P3 billion from the issuance of retail bonds.
The retail bonds will be on top of the P3.9-billion the company was able to raise late in 2008 from a five to seven-year notes with 19 institutional investors.
We have enough internal funds for our capital expenditure requirements for this year. We're just building our liquidity requirements for acquisition of more power assets and our greenfield projects," Aboitiz said.
But Aboitiz said they are still "sounding off the market" and see whether they will be able to issue the bonds in the current uncertain condition.
He said under his stead, AEV will remain focus on its core business of power distribution and generation.
During the last months of 2008, despite government's report of falling export volumes, Aboitiz said demand for power in the export zones where they supply electricity to. GMANews.TV
Erramon Aboitiz, the new president and chief executive officer of AEV, told reporters that the company is eyeing to raise anywhere between P2 billion and P3 billion from the issuance of retail bonds.
The retail bonds will be on top of the P3.9-billion the company was able to raise late in 2008 from a five to seven-year notes with 19 institutional investors.
We have enough internal funds for our capital expenditure requirements for this year. We're just building our liquidity requirements for acquisition of more power assets and our greenfield projects," Aboitiz said.
But Aboitiz said they are still "sounding off the market" and see whether they will be able to issue the bonds in the current uncertain condition.
He said under his stead, AEV will remain focus on its core business of power distribution and generation.
During the last months of 2008, despite government's report of falling export volumes, Aboitiz said demand for power in the export zones where they supply electricity to. GMANews.TV
