Nov 082013
 

MANILA, Philippines – Aboitiz Equity Ventures Inc., the listed holding firm of the Cebu-based Aboitiz clan, secured the Securities and Exchange Commission’s nod to issue up to P10 billion worth of retail bonds.

The approval, however, is contingent on AEV’s compliance of certain conditions which include the submission of certain documents to the SEC, the company said in a disclosure to the Philippine Stock Exchange.

The 10-year bonds earlier received the highest credit rating of  “PRS Aaa” from the Philippine Rating Services Corp.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. It means the issuer’s capacity to meet its financial obligations is extremely strong.

PhilRatings said the credit score reflects AEV’s sustained and strong operating performance, sound capital structure with a conservative leverage position and positive growth prospects.

AEV’s main core investments are  in power distribution and generation (Aboitiz Power), banking (Union Bank of the Philippines), food manufacturing (Pilmico Foods) and property development (Aboitiz Land).

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It is also diversifying into infrastructure, particularly on water distribution and airport development.  The conglomerate in partnership with  Ayala Corp. is vying for the Mactan-Cebu International Airport.

Aboitiz Power, is a leading power generation and distribution company in the county with a total attributable capacity of 2,232 megawatts.