Aboitiz Power Corporation (AP) was incorporated on February 13, 1998 as a holding company for the Aboitiz Group's investments in power generation and distribution. However, in order to prepare for growth in the power generation industry, AP was repositioned in the third quarter of 2003 as a holding company that owned only power generation assets. The divestment by AP of its power distribution assets was achieved through a property dividend declaration in the form of AP's ownership interests in its different power distribution companies. The property dividend declaration effectively transferred direct control over the Aboitiz Group's power distribution business to Aboitiz Equity Ventures, Inc. In 2005, AP consolidated its investments in mini-hydroelectric plants in a single company by transferring all of Hydro Electric Development Corporation's (HEDC) and Cleanergy, Inc.'s mini-hydroelectric assets into HEDCOR, Inc. (formerly Benguet Hydropower Corporation). AP has investments in power generation and distribution companies throughout the Philippines. Since its incorporation, the company has accumulated interests in both hydroelectric power generation plants and thermal plants. AP conducts its power generation activities through its subsidiaries and affiliates, namely, Philippine Hydropower Corporation, Hedcor, Inc., Luzon Hydro Corporation, SN Aboitiz Power-Magat Inc., SN Aboitiz-Benguet, Inc., East Asia Utilities Corporation, Cebu Private Power Corporation, Southern Philippines Power Corporation, Western Mindanao Power Corporation, and STEAG State Power Inc. AP also owns interests in several distribution utilities in Central Luzon, Visayas and Mindanao, led by Visayan Electric Company, Inc. and Davao Light & Power Company, Inc. The company's other interests are in Mactan Enerzone Corporation, Balamban Enerzone Corporation, Cotabato Light & Power Company, Inc., Subic Enerzone Corporation, and San Fernando Electric Light and Power Co., Inc. Source: SEC Form 17-A (2008)