The firm said in a disclosure to the Philippine Stock Exchange (PSE) yesterday that bookbuilding is expected to start on January 22, 2007 and is expected to run until January 26, 2007.

Pricing of the shares is expected to be decided after the close of the bookbuilding on January 26, 2007 while allocations and pricing of the treasury shares is expected to be communicated to the market on January 29, 2007.

In connection with the placement, AEV agreed with the placement agents to a lock-up undertaking restricting the issue of AEV shares for a period ending three months from the date of completion of the placement.

Most of AEV’s significant shareholders have agreed to the terms of a similar lock-up prohibiting the sale of AEV shares currently held by them.

The placement of the treasury shares is in line with AEV’s fundraising activities for its various identified power sector acquisitions and developments which have been previously disclosed.

The treasury shares or any other security of AEV are not to be offered for sale within the United States without registration under US securities laws or unless exempt from registration under such laws.

AEV chief operating officer Erramon Aboitiz said that while they have yet to finalize their capital expenditure budget for the year, they will definitely be spending more in 2007 due to its planned acquisition of more power plants being privatized by the government.

AEV subsidiary SN Aboitiz Power Corporation (SNAP) has just been awarded as the winner for its 0 million bid for the 360-megawatt (MW) Magat Hydroelectric Power Plant in Ramon, Isabela.

Aboitiz said Aboitiz Power Corporation is also bidding to supply AEV subsidiary Davao Light and Power Corporation with 400 million kilowatthours or power.