Philippines-listed AC Energy has acquired an additional stake in a renewable energy firm that owns and operates a wind farm in Ilocos Norte, while logistics firm LBC Express buys into Japanese shipping firm Mermaid. AC Energy buys JV partner’s stake in North Luzon Renewables Philippines-listed AC Energy, the energy platform of conglomerate Ayala Corporation, has acquired the ownership stake of Philippine Investment Alliance for Infrastructure (PINAI) in North Luzon Renewables Energy Corporation (North Luzon Renewables) for an undisclosed amount. PINAI is a fund composed of Macquarie Infrastructure Holdings (Philippines), Langoer Investments Holding, and the Government Service Insurance System. It has a 31-per cent preferred equity ownership and 15-per cent common equity ownership in North Luzon Renewables. North Luzon Renewables, which owns and operates an 81-megawatt wind farm in Pagudpud, Ilocos Norte, is a joint venture of AC Energy, UPC Philippines, Luzon Wind Energy holdings, and PINAI. AC Energy said the acquisition is subject to definitive documentation and approval by the Philippine Competition Commission. In June, the company said it has completed its acquisition of Phinma Group’s 51.48 per cent stake in power firm Phinma Energy Corp. LBC picks up stake in Japanese box shipper Mermaid LBC Express Holdings, a Philippines-listed logistics firm, announced Monday that it has bought into Mermaid Co Ltd, a Japan-based firm that ships household and other goods from expatriates living in Japan to their respective home countries. In a disclosure to the Philippine Stock Exchange, LBC said it has purchased all the shares of Tsukasa Takahashi, Mediatrix Takahashi, and Eiichi Gotoh in Mermaid under an acquisition agreement. LBC, however, did not disclose the percentage of stakes it acquired but said it will pay $200,000 in cash. Mermaid is popular among Filipinos working or living in Japan because of its “Balikbayan Box” service. The box is a household name in the Philippines as it refers to the package that contains various items – from bath soap, towels, chocolates, shoes, clothing – sent by Filipinos working abroad to their families back home. “The acquisition is expected to benefit the company by contributing to the global revenue stream,” LBC said.
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