Philippine Investor Buys Stake In Chevron Geothermal Unit

Law360, New York (December 14, 2012, 4:55 PM ET) -- An affiliate of SM Investments Corp. has taken a 60 percent stake in Chevron Corp's Philippine Geothermal Production Co., SM Investments confirmed Friday, in a move that allows Chevron to pursue further projects while complying with a law regulating the country's geothermal industry.

The buy was made by Allfirst Equity Holdings Inc. for an undisclosed sum, according to SM Investments. While financial details of the deal were not disclosed, SM Investment did disclose Friday that its board of directors has approved the appropriation of 30 billion...
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