LISTED holding company A Brown Co., Inc. (ABCI) has obtained regulatory approval to establish a new subsidiary under its energy investment arm ABC Energy, Inc. (ABCEI) to expand its power generation business.
The Securities and Exchange Commission (SEC) approved the incorporation of Manolo Fortich Power Corp. (MFPC), which will operate under ABCEI, ABCI said in a regulatory filing on Tuesday.
ABCEI, a wholly owned subsidiary of ABCI, serves as a holding company for the group’s energy-related investments.
According to ABCI, MFPC’s primary purpose is to acquire, develop, construct, invest in, and operate power-generating plants, including solar power facilities, and engage in power generation.
MFPC will also develop, assemble, and operate other power-related facilities, equipment, and systems, as well as conventional and renewable energy resources.
The company will be involved in electricity and carbon credit sales, wholesale and retail electricity supply, aggregation, and the operation and maintenance of power plants.
ABCI, a Mindanao-based company, has interests in property development, power generation, public utilities, and agribusiness.
In January, ABCI said it invested P2.5 billion to develop a mixed-use complex under a joint venture with the Misamis Oriental provincial government.
For the first nine months of 2024, ABCI’s net income fell by 40% to P290.82 million from P484.50 million a year earlier.
Revenue rose by 31% to P1.45 billion from P1.10 billion, driven by higher sales of real estate units and agricultural products, including crude palm oil.
On Tuesday, ABCI shares declined by 1.82% or one centavo to 54 centavos per share. — Revin Mikhael D. Ochave
