C00781-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 14, 2017
2. SEC Identification Number
C199800134
3. BIR Tax Identification No.
200-652-460-000
4. Exact name of issuer as specified in its charter
ABOITIZ POWER CORPORATION
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
32nd Street, Bonifacio Global City, Taguig City, Metro Manila, Philippines Postal Code 1634
8. Issuer's telephone number, including area code
(02) 886-2800
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Stock P1 Par Value 7,358,604,307
Amount of Debt Outstanding (As of Sept. 30, 2016) 147,671,780,000.00
11. Indicate the item numbers reported herein
5

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Aboitiz Power CorporationAP

PSE Disclosure Form 4-26 - Legal Proceedings References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

“Sergio R. Osmena, III, Petitioner vs. Power Sector Assets and Liabilities Management (PSALM) Corporation, Emmanuel R. Ledesma, Jr., SPC Power Corporation and Therma Power Visayas, Inc., Respondents” (the “Case”)
Background/Description of the Disclosure

Senator Sergio Osmeña III filed a Petition for Certiorari with the Supreme Court to nullify the right to top granted by PSALM to SPC in respect of the 153.1MW Naga Power Plant Complex (the “Naga Plant”) bidding and to enjoin the award on the grounds that SPC’s right to top is against public policy.

On February 14, 2017, TPVI received the Entry of Judgment dated January 9, 2017 issued by the Supreme Court.
Name of the court or agency in which the proceedings are pending Supreme Court Special Third Division
Date Instituted Jun 16, 2014
Docket Number G.R. No. 212686
Principal Parties

Petitioner: Sergio R. Osmena III;
Respondents: Power Sector and Liabilities Management (PSALM) Corporation, Emmanuel R. Ledesma, Jr., SPC Power Corporation and Therma Power Visayas, Inc. (TPVI)
Nature and description of the legal proceedings

In 2009, SPC acquired through a negotiated bid the 55MW Naga Land-Based Gas Turbine Power Plant in Colon, City of Naga, Cebu. In the same year, it entered into a Land Lease Agreement with PSALM, which includes SPC’s right to top the price of a winning bidder for the sale of any property in the vicinity of the leased premises.

PSALM subsequently bid out the Naga Plant located in the leased premises. On April 30, 2014 and after two failed biddings, PSALM issued a Notice of Award to TPVI for submitting the highest bid for the Naga Plant. SPC wrote PSALM of its intent to exercise its right to top the winning bid, on the condition that the Land Lease Agreement would be for a term of 25 years from closing date. PSALM then awarded the contract to SPC, despite TPVI’s objections that SPC did not validly exercise its right to top because of its qualified offer.

Sen. Sergio Osmena III then filed a petition with the Supreme Court seeking to enjoin PSALM from awarding the Naga Plant on the grounds that SPC’s right to top was void.

On September 28, 2015, the Supreme Court canceled the award to SPC on the finding that SPC’s right to top is void for lack of interest or right to the object over which the right to top is to be exercised. On April 6, 2016, the Supreme Court ordered that an entry of judgment be made in the case.

In response to various motions, on October 10, 2016, the Supreme Court issued a Notice of Judgment and Resolution clarifying that the nullification of SPC’s right to top did not invalidate the entire bidding process. The Supreme Court also ordered the reinstatement of the Notice of Award dated April 30, 2014 in favor of TPVI.

On October 26, 2016, SPC filed an Urgent Motion for Reconsideration with Alternative Motion to Refer to the En Banc. In its Notice of Judgment dated November 28, 2016, the Supreme Court denied SPC's Urgent Motion with finality.

On February 14, 2017, AboitizPower was informed by TPVI that it received the Entry of Judgment dated January 9, 2017 issued by the Supreme Court.

SPC has a pending Motion for Leave to File and Admit Motion for Reconsideration dated December 9, 2016 with the Supreme Court.
The effect(s) on the Issuer's business or operations, if any

N/A
Other Relevant Information

Please see attached copy of the Entry of Judgement.
Filed on behalf by:
Name Yasmin Ayesha Lee
Designation Jr. Associate General Counsel