Today, Capitalism reigns supreme. Its great anti-thesis, Communism has been swept into the dustbin of history. The supreme irony in this is that Communism as an ideology appealed to the higher impulses of men. The economic underpinning of Communism is that each person must selflessly contribute to the economy all his talents while responsibly getting from the economy only what he needs. Or as stated in their slogan: “From each according to his abilities and to each according to his needs.”... [Read Full Story]

 ACR - Target P1.60. The Alcantara family will be receiving money from sale of its assets. The proceeds may be used by the family to acquire/expand its company operations.

DISCLOSURES:

EDC subsidiary pays PHP1.28 billion for Bacman power plants Bacman Geothermal, Inc. (BGI), a wholly owned subsidiary of geothermal
leader Energy Development Corporation (EDC), has achieved closing on the 150-MW Bacman geothermal power plant acquisition after remitting to PSALM on September 3 the sum of PhP1,279,725,000 representing full payment of the purchase price for the power facilities. The turnover followed BGI’s submission of the highest offer price for the Bacman plants in a competitive bid conducted by PSALM last May 5 and its successful completion of the conditions precedent required in the Asset Purchase Agreement (APA). “Our main focus now is to rehabilitate these plants and restore capacity
and reliability factors to 100 percent to add clean, reliable and much needed power to the Luzon grid,” EDC President and COO Richard Tantoco said.
Located in the towns of Bacon, Sorsogon and Manito, Albay in the Bicol region, the BacMan plant package consists of two steam plant complexes. The
BacMan I geothermal facility comprises two 55-MW turbines, which were both commissioned in 1993. BacMan II, on the other hand, consists of two 20-MW units namely, the Cawayan located in Barangay Basud and the Botong in Osiao, Sorsogon City. The Cawayan unit was commissioned in 1994 and the Botong unit in 1998. EDC supplies the steam fuelling these plants. “The acquisition of NPC’s geothermal power plants is one of our major
platforms for future growth. With the turnover of the Bacman power plant, we are now fully integrated across the geothermal value chain. This vertical
integration will result in a seamless and more efficient operations,” Tantoco added. The Bacman plants boost EDC’s current portfolio of geothermal power
generation assets to 1,199 MW. EDC also acquired the 112.5-MW Tongonan and 192.5-MW Palinpinon geothermal plants auctioned by PSALM last year. EDC’s other geothermal power generating assets are the Unified Leyte plants consisting of the 125-MW Upper Mahiao, 232.5-MW Malitbog, 180-MW Mahanagdong and 51-MW Optimization plants, the 106 MW Mindanao 1 and 2 plants in Kidapawan, Cotabato, and the 49-MW Northern Negros geothermal plant in Negros Occidental.

 

The information contained herein is based on sources which we believe reliable but is not guaranteed by us. This report is provided for information purpose only and should not be construed as an offer to buy or sell the securities mentioned herein

 

Economic Calendar:
Stockholders Meeting September  2010 

 

US News

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