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December 2, 2008

Thai power firm buys stake in Philippine plant
Electricity Generating Plc, Thailand's second-largest private power firm, said on Monday it had indirectly bought a 23.4 percent stake in a coal-fired power plant in the Philippines, its fourth in the country, reported Reuters.

EGCO, which already has interests in three Philippine power plants, was negotiating with holding firm Global Power Investments to buy another 10 percent stake in the power plant, the Thai utility said in a statement.

It gave no details about the value of the deal, adding it would use cash and loans to finance the acquisition.

Under the deal, a subsidiary, EGCO International B.V.I., has bought a 90 percent stake in GPI Quezon, enabling it to have an indirect 23.4 percent holding in Quezon Power (Philippines) Ltd.

Quezon Power operates a 460-megawatt coal-fired power plant on the island of Luzon with a 31 km (19 mile) transmission line.

EGCO said the move was part of its plan to invest in assets that should generate revenue over the longer term. EGCO, 25.4 percent owned by state-controlled Electricity Generating Authority of Thailand, has interests in 12 power plants with a combined capacity of about 3,800 MW, accounting for about 12 percent of Thailand's total generating capacity.

At the midday break, EGCO shares were up nearly 2 percent at 54.50 baht, while the main Thai index .SETI was 0.81 percent higher. ($1 = 35.69 Baht)

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