C01841-2018

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)
Mar 21, 2018
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 Dec 31, 2017 205,996,054,000.00
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

Revocation by the Municipality of Pagbilao of the Cease and Desist Order it issued last February 27, 2018 (the “CDO”) against Pagbilao Energy Corporation (PEC), and the dismissal of the Case (as defined below).
Background/Description of the Disclosure

PEC informed Aboitiz Power Corporation (AboitizPower) that on March 7, 2018, the Municipality of Pagbilao revoked the CDO and that the Case has been dismissed.
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 (“the Case”)
Date Instituted Feb 28, 2018
Docket Number Civil Case No. 2018-21
Principal Parties

Pagbilao Energy Corporation; and
The Municipality of Pagbilao, Quezon, and Hon. Shierre Ann Portes-Palicpic, in her capacity as the Municipal Mayor of the Municipality of Pagbilao
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.

PEC maintains that the execution of the MOA is not part of the published and legal requirements for the issuance by the municipality of a local business permit. The PEC plant has received all the necessary endorsements required from the relevant local government units - the Quezon provincial government, the municipality of Pagbilao, and the host barangay of Ibabang Polo. All clearances and endorsements from national government agencies, such as the Department of Energy, and the Department of Environment and Natural Resources, among others, have also been secured.

PEC filed the Petition for Injunction with prayer for Temporary Restraining Order (TRO) with the Regional Trial Courts of Lucena City. In its Order dated February 28, 2018, the Court issued a temporary restraining order and ordered the municipal mayor of Pagbilao, Quezon to cease and desist from implementing the assailed CDO.

On March 2, 2018, after due notice and hearing, the Court extended the effectivity of the TRO issued on February 28, 2018 from 72 hours to 20 days (counted from the date of the original issuance of the TRO).

On March 7, 2018, the Municipality of Pagbilao revoked the CDO, and on the hearing on the same date, the parties moved for the dismissal of the case, which the Court granted.

PEC is a joint venture company between Therma Power Inc. and TPEC Holdings Corporation. Therma Power, a wholly owned subsidiary of AboitizPower, is the holding company of AboitizPower’s investments in non-renewable energy.
The effect(s) on the Issuer's business or operations, if any

The revocation of the CDO means that PEC is not barred from proceeding with the scheduled commercial operations of its power plant.
Other Relevant Information

Copy of the Letter from Municipality is attached, as well as the Order from the Court.

PEC is working with the Municipality of Pagbilao for the issuance of its business permit, and also on the few remaining steps necessary before the start of the PEC plant’s commercial operations.
Filed on behalf by:
Name Mailene de la Torre
Designation Asst. Corporate Secretary