Aboitiz Power Corporation (PSE:AP) agreed to acquire an additional 35.4% stake in STEAG State Power, Inc. from STEAG GmbH for $36.1 million on September 15, 2022. AboitizPower will pay one time cash payment on Closing Date. AboitizPower will end up owning 69.4% equity interest in STEAG State Power after completion of the acquisition. As of August 24, 2022, Board of Director has approved the transaction. The transaction is subject to customary conditions precedent for transactions of similar nature like submission of corporate approvals and other third party consents. Paul Ng, George Uy-Tioco, Jessica Karyono, Kevin Ong, Dominic Png, Alexander Alting, Alexander Pyatov and Michael Spahn of ING Bank N.V., Singapore Branch served as financial advisor to STEAG GmbH.

Aboitiz Power Corporation (PSE:AP) completed the acquisition of an additional 35.4% stake in STEAG State Power, Inc. from STEAG GmbH on June 2, 2023. As a part of closing, Aboitiz Power was able to meet all conditions
relevant to the sale.