C01300-2018 |
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, 2017 | 222,237,327,000.00 |
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.
Subject of the Disclosure |
---|
Issuance by the Regional Trial Court of Lucena City, Branch 57 of a temporary restraining order (TRO) against the implementation of the Cease and Desist Order dated February 27, 2018 (the “CDO”) issued against Pagbilao Energy Corporation (PEC). |
Background/Description of the Disclosure |
PEC advised Aboitiz Power Corporation (AboitizPower) that it filed an application for Injunction and for the issuance of Temporary Restraining Order (TRO) to restrain the local government unit of Pagbilao from enforcing the CDO issued against the operations of the company’s power plant in Pagbilao, Quezon. |
Name of the court or agency in which the proceedings are pending | Regional Trial Court of Lucena City, Branch 57 For: Injunction and Declaration of Nullity of the Sangguniang Bayan Resolution Nos. 177, Series of 2016 and 27 and 31, Series of 2018 |
---|---|
Date Instituted | Feb 28, 2018 |
Docket Number | Civil Case No. 2018-21 |
Principal Parties |
---|
Pagbilao Energy Corporation; and |
Nature and description of the legal proceedings |
During the course of PEC’s application for a business permit for calendar year 2018 from the Municipality of Pagbilao, the municipality required PEC to execute a Memorandum of Agreement (MOA) implementing its corporate social responsibility (CSR) programs for an amount above the company’s approved budget for CSR. The municipality refused to issue the business permit without the executed MOA, and instead issued the CDO. PEC therefore filed the application for Injunction and obtained the TRO to prevent the municipality from implementing what PEC believes to be an unwarranted cease and desist order. |
The effect(s) on the Issuer's business or operations, if any |
The potential delay in the commercial operations of PEC’s power plant would render PEC unable to perform its commitments to its suppliers, customers, and to the Luzon Grid. |
Other Relevant Information |
Copy of the TRO obtained by PEC is attached. |
Name | Mailene de la Torre |
---|---|
Designation | Asst. Corporate Secretary |