By Rjay Zuriaga Castor
Primelectric Holdings Inc., a subsidiary of Enrique Razon’s MORE Electric and Power Corp. (MORE Power), has acquired the 70 percent stake of SPC Power Corp. and other minority shareholders in Bohol Light Company Inc. (BLCI).
Bohol Light Company Inc., which supplies electricity to Tagbilaran City, is 70 percent privately owned, with the remaining 30 percent held by the Bohol provincial government under a franchise valid until October 19, 2025.
“Acquiring BLCI is a valuable opportunity that should not be missed,” said MORE Power president and chief executive officer Roel Castro.
Castro affirmed that Primelectric’s entry into Bohol Light aims to elevate consumer service standards through substantial capital investments of at least P1 billion to rehabilitate and modernize distribution assets.
The “doable” P1 billion investment over the next four years will include the installation of automatic circuit reclosers, which could prevent 98-99 percent of power outages.
Part of this investment will also be directed towards establishing a 24/7 customer service helpline in Bohol to promptly address customer issues.
“We are well-prepared, both technically and financially, to execute the rehabilitation and modernization strategy, ensuring a robust distribution system within the franchise area,” Castro added.
Primelectric is slated to assume operational control this year and will initiate the franchise renewal application in Congress alongside the provincial government of Bohol.
Earlier this April, SPC Power Corp. announced that its board had approved the sale of its shares in BLCI to Primelectric Holdings, Inc.
SPC Power Corp. sold its 29.93 million shares in the Tagbilaran City power distributor at P6.67 per share, totaling P199.5 million.
James Roy N. Villareal, Executive Vice President of SPC Power Corp., expressed satisfaction with the acquisition by the Razon group, emphasizing consumer welfare as a focal point.
Villareal praised Primelectric’s track record, particularly through MORE Power, for significantly enhancing consumer services in Iloilo City, which influenced their decision to sell the shares.
