Vivant Corp. gets P3-B loan from Chinabank – BusinessWorld Online
CEBU-BASED Vivant Corp. has obtained a P3-billion three-year term loan from China Banking Corp. (Chinabank) to refinance maturing debt and support its power and water projects, the company said on Thursday.
Vivant, which operates in power generation, distribution and retail electricity, is also expanding into water supply, wastewater treatment and desalination.
Its projects include a 6-megawatt (MW) hydropower plant in Negros Occidental, a 15-MW bunker-fired plant in Pampanga, a 22-MW solar project in Bulacan, a 206-MW wind farm in Northern Samar and a P2-billion desalination plant in Cordova, Cebu.
For the nine months ending September, Vivant reported a 12% rise in net income to P1.9 billion, boosted by strong electricity trading margins.
Vivant Chief Executive Officer Arlo G. Sarmiento said the company expects a strong year-end performance, aided by a recent acquisition of a minority stake in a Bataan solar plant.
Vivant shares closed at P18.46, unchanged from Wednesday. — Sheldeen Joy Talavera