Razon-led Primelectric Holdings Inc. is entering into a joint venture with South Cotabato II Electric Cooperative (Socoteco II) after a plebiscite approved the proposed deal.
In a statement, Ignite Power and Energy Holdings Inc. said the cooperative’s overall plebiscite committee proclaimed the final results on Sunday, with 137,978 member-consumer-owners (MCOs) supporting the conditional joint venture agreement.
Nearly 5,000 MCOs, meanwhile, voted against the proposal. The affirmative votes represented 60.91 percent of the 226,534 eligible voters on the final master list. Voters cast a total of 142,789 valid votes during the four rounds of voting held from September to October.
‘We welcome the results of the plebiscite and thank the member-consumer-owners who participated in this important decision. Their vote allows us to move forward with the work of modernizing Socoteco II’s distribution system and improving the reliability of electricity services for the communities it serves,’ Primelectric president and CEO Roel Castro said.
‘Our priority is to build a more reliable and efficient distribution system that can keep pace with the growing needs of General Santos City, Sarangani and South Cotabato,’ he added.
Consequently, the proposed partnership includes investment to modernize Socoteco II’s network, cut system losses, and provide a 30-percent profit share to the cooperative.
Boxing legend and former Senator Manny Pacquiao backs Ignite Power, along with Primelectric.