Enrique Razon, Jr. is a Filipino business magnate. In the Philippines, he owns tourism, gambling, and ports businesses.
Among them are Bloomberry Resorts Corporation and International Container Terminal Services, Incorporated.
Razon is also behind MORE Power, which is more formally known as More Electric and Power Corporation.
Philippine daily newspaper The Philippine Star reported that MORE Power had taken control of Panay Electric Company (PECO) in Iloilo City.
With this accession move, the power company of Razon consequently acquires the distribution assets of PECO.
They consist of the machinery, land, and buildings of the Bolilao, Mandurriao Substation, and the Molo Substation located at Avanceña Street.
Furthermore, MORE Power gets to possess the machinery and land of Tabuc Suba, Jaro Substation.
Plus, the Razon-owned power firm gains the switchboard house, power plant building, and meter laboratory of the General Luna Substation.
Finally, MORE Power secures control of the Baldoza-La Paz Substation, including its buildings, all of its pieces of machinery, and improvements.
With these developments, the power distribution company of Razon assured continued optimal services to the business and residential consumers of Iloilo City.
MORE Power said that it would guarantee an uninterrupted power supply in the area.
The firm also said that it is deploying reaction groups around the clock and throughout the week.
These teams include line groups and troubleshooters. They will help in resolving the complaints that the customers may have, MORE Power said.
Roel Castro is the chief executive officer of MORE Power.
He delivered a statement regarding the legality of his firm’s takeover of PECO’s distribution assets.
Castro cited that their newly secured control over the substations agrees with the writ of possession.
He said that Iloilo City Regional Trial Court Judge Emerald Requina-Contreras issued this authorization.
Plus, the Iloilo City Sheriff’s Office enforces the writ of possession, the MORE Power president relayed.
President Rodrigo Duterte signed Republic Act 11212 on February 14, 2019. This legislation authorizes MORE Power to gain control of all of PECO’s distribution assets.
The company of Razon also gains the right over the other properties of PECO, both government and privately owned entities.
In this manner, MORE Power could distribute electricity in the Visayas-based city.
On Friday, February 28, 2020, International Container Terminal Services, Incorporated (PSE: ICT) closed at P106.00 per share.
Furthermore, the Philippine Stock Exchange recorded the 52-week high of the international port management firm at P148.90.
Meanwhile, the 52-week low of this Razon-owned firm is at P94.85.
As for Bloomberry Resorts Corporation (PSE: BLOOM), it closed on Friday, February 28, 2020, at P8.15 per share.
The Philippine Stock Exchange recorded the 52-week high of BLOOM at P13.04.
Meanwhile, its 52-week low is at P8.00.
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