Korea Electric Power Corp. (KEPCO) has reached the second round of the sale process of its two non-core energy assets in the Philippines.
Last June, KEPCO appointed Samil PwC as its financial advisor for the sale of its 60-percent stake in a thermal power plant in Cebu under KEPCO SPC Power Corp. (KSPC) and its 40-percent stake in SPC Power Corp. (SPC).
In a statement, KEPCO said domestic and foreign bidders expressed high interest in the assets and subsequently submitted preliminary bids amid the country’s rising electricity demands and reliance on coal as power source.
The company said shortlisted bidders are undertaking due diligence and site visits and are expected to submit final offers within the quarter. KEPCO intends to enter into an agreement within the first half of this year.
