, said that it would spend P60 billion over the next three years to boost the capacity of its geothermal power plants. Half of the money will be used to drill 40 wells , and the other half will be used for other “growth initiatives”. EDC currently has 482 wells across 13 geothermal power plants that have a combined capacity of 1,189 megawatts.
is owned by the is a power-producing giant that has been the subject of delisting rumors for many years. Its free float is sitting at 11.67%, which at yesterday’s close, puts it about P1.2 billion in buybacks or acquisitions away from breaching the PSE’s minimum public ownership threshold of 10%, and about P4.0 billion away from being able to acquire enough of that public float through a tender offer to delist.
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