Latest news with #EnriqueRazon
Reuters
2 days ago
- Business
- Reuters
Billionaire Razon to buy 60% stake in First Gen's gas assets for $896 million
June 2 (Reuters) - Prime Infra, the infrastructure business arm of Filipino businessman Enrique K. Razon Jr., is buying 60% of the gas assets of First Gen Corp ( opens new tab for 50 billion pesos ($896.44 million), the Philippine energy firm said on Monday. The parties have signed a term sheet, which shows another upcoming facility located in Batangas province, south of Manila, First Gen said in a statement. First Gen is backed by the influential Lopez family, who will retain a 40% stake in the gas business the company is selling. The Lopez family is also the controlling shareholder of ABS-CBN ( opens new tab, the country's largest broadcaster. The deal marks the latest in the Philippine energy sector, following a $3.3 billion gas and LNG joint venture unveiled by San Miguel Corp.( opens new tab with Aboitiz Power ( opens new tab and a unit of Manila Electric Co ( opens new tab. The stake sale will help First Gen go ahead with its plans to quadruple its renewable energy capacity in six years through 2030. ($1 = 55.7760 Philippine pesos)
Forbes
3 days ago
- Business
- Forbes
Billionaire Enrique Razon To Buy 60% Stake In Lopez Group's Gas Assets For $896 Million
Prime Infrastructure—controlled by casino-to-ports billionaire Enrique Razon Jr.—has agreed to buy 60% of the gas assets of the Lopez family-backed First Gen for 50 billion pesos ($896 million). Under a term sheet entered into by both parties and subject to a definitive agreement, Prime Infra will buy the controlling stake in five existing gas-fired power plants and a sixth facility under construction with a combined capacity 3,247 megawatts, along with an offshore liquefied natural gas terminal, according to a document furnished to Forbes Asia. The assets are all located in Batangas province, south of Manila. The partnership will enable First Gen and Prime Infra to 'further nurture, enhance and expand their natural gas platforms,' helping to secure the country's energy independence, according to the document. The gas plants will boost the profile of Prime Infra, which owns a substantial stake in the Malampaya gas field. The company is investing $800 million on drilling and exploration to boost the output of Malampaya, which has been dwindling in recent years. Prime Infra's power assets include two existing solar farms with a combined capacity of 128MW and two hydroelectric plants, which will have a combined capacity of 2,000MW once completed. For First Gen, the partial sale will help bankroll the $9 billion it plans to invest to quadruple its renewable energy capacity to 13 gigawatts in the six years through 2030. First Gen derives 55% of its capacity from gas while the rest comes from wind, solar, hydro and geothermal. After spending about $1.2 billion in 2024, that included the purchase of the 165 MW Casecnan hydro power facility in Nueva Ecija, north of Manila, it has earmarked another $601 million in capital expenditures this year, with as much as 90% allocated for 140MW of geothermal capacity, while the rest will be spent on a 50MW solar project. The Razon-Lopez deal is the latest strategic partnership to shake up the Philippine energy sector following a $3.3 billion gas and LNG joint venture announced by billionaire Ramon Ang's San Miguel Corp. with Aboitiz Power and a unit the Manila Electric Co. With a real-time net worth of $12 billion, Razon also has interests in global port operator ICTSI and Bloomberry, which owns two casino resorts in Metro Manila. In 2022, he planned to list Prime Infra, which also provides water utility and waste management services, but decided to postpone the IPO due to unfavorable market conditions. Besides their interest in energy, the Lopez family, which has a net worth of $230 million, is also the controlling shareholder of ABS-CBN, once the country's largest broadcaster. It pivoted to online streaming and content sharing with other networks after Philippine lawmakers in 2020 rejected the media company's bid to renew its franchise.
The South African
07-05-2025
- Business
- The South African
Citrus exports in focus as Saudi operator eyes Durban port
With Transnet flailing, the Saudi move could bring much-needed investment into the country's struggling logistics system. According to Bloomberg , Red Sea Gateway Terminal International (RSGTI) is considering a 25-year concession to build and manage the terminal at Durban's Maydon Wharf. RSGTI is backed by Saudi Arabia's $925 billion sovereign wealth fund. This potential bid comes after Transnet, South Africa's state-owned port operator, invited companies to submit proposals for the project. The development would cover 145 hectares, include 15 berths, and handle over 7 million tons of cargo each year. RSGTI's director of global investments, Gagan Seksaria, said the company is interested in South African ports and may join the bidding process with local partners. Port and rail inefficiencies in South Africa, along with corruption and equipment problems at Transnet, have dragged down overall export performance. Bulk commodities like coal and iron ore have been hit hardest, falling to their lowest levels in decades. Agriculture on the other hand remains one of the few growing parts of the economy, with exports hitting a record $13.2 billion in 2023. South Africa is the world's second-largest citrus exporter after Spain. Grapefruits, lemons and oranges are shipped to countries like South Korea, as well as nations in the Middle East. The government is thus trying to bring in private investment to help fix the ports—that currently rank among the least efficient globally. A recent plan to bring in foreign investment fell through when a court blocked a deal with Filipino billionaire Enrique Razon's company, ICTSI, to run Durban's main container terminal. The deal was challenged by shipping giant Maersk, highlighting the need for more open and competitive processes to fix South Africa's ports. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Bloomberg
25-03-2025
- Business
- Bloomberg
Filipino Tycoon Buys Nicklaus-Designed South African Golf Course
Filipino ports and casino billionaire Enrique Razon, whose company won an multi-billion-rand bid to revive sub-Saharan Africa's biggest container port, has bought a development that includes one of South Africa's top 10-ranked golf courses. Entities associated with Razon are buying Pearl Valley — a Jack Nicklaus signature golf course — as well as the hotel on the property located in the Cape Winelands from a company controlled by shareholders that include Ryk Neethling, a South African businessman and Olympic gold medalist in swimming.
