By Juzel L. Danganan
MANILA, August 6 (PNA) — Metro Pacific Investments Corp. said it has terminated its investment agreement with GGI Energy Pte. Ltd due to the lack of compliance on the conditions.
In a disclosure with the Philippine Stock Exchange (PSE) Friday, the company said “Metro Pacific Investments Corporation has terminated its Investment Agreement dated August 23, 2014 with GGI Energy Pte. Ltd. to develop a waste-to-energy facility in Tagum, Davao del Norte, for non-completion of the conditions precedent under the IA by the stipulated long stop date.”
But, MPIC noted it still intends to continue pursuing waste-to-energy projects that will benefit different towns and cities in the country.
MPIC said that on Aug. 12 last year, its Board of Directors approved its investment into a municipal solid waste-to-electricity diesel plant and enter into an investment agreement for the project.
The conglomerate added the agreement was accepted after some conditions were presented to the Board. (PNA)