Ignite Power open to Socoteco 2 deal safeguards
Ignite Power is open to an anti-dilution provision in its proposed deal with South Cotabato II Electric Cooperative to protect the utility’s board representation and voting rights.
Ignite Power, a joint venture between Primelectric and Manny Pacquiao’s MP Holdings, is open to including an anti-dilution provision in its proposed collaboration with South Cotabato II Electric Cooperative (Socoteco 2). The provision aims to safeguard the utility’s board representation and voting rights. Ignite Power President and CEO Roel Castro expressed willingness to incorporate the safeguard into the partnership, emphasizing the importance of working closely with the Socoteco 2 board of directors and key stakeholders. The move comes amid calls for stronger safeguards in the proposed partnership.
The General Santos City Chamber of Commerce and Industry Inc. (GSCCCII) has also supported the proposed joint venture but called for robust safeguards to protect the cooperative’s reported 30-percent stake in the partnership. The chamber stressed the need to fully protect the rights and economic interests of consumers. GSCCCII President Miguel Rene Dominguez stressed the importance of implementing safeguards, given concerns over a potential power supply crunch as the region anticipates the effects of El Niño.
Dominguez called for the plebiscite to proceed, urging the partnership to move forward while ensuring the stability of the local economy. He emphasized that the costliest form of electricity is having none at all, highlighting the potential dire consequences for jobs in General Santos and Sarangani should the power supply deteriorate further.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
