LISTED firm Greenergy Holdings, Inc. said it has received approval from the Securities and Exchange Commission (SEC) for an additional investment of P480 million into its renewable energy subsidiary.
The SEC approved the company’s acquisition of 480-million shares in its wholly owned subsidiary, Winsun Green Ventures, Inc., Greenergy said in a stock exchange disclosure on Tuesday.
“The transaction will strengthen the position of the Company in renewable energy (RE) and sustainable community projects,“ the company said.
With the approval of the SEC of the increase, the subscribed shares are now issued to Greenergy, the company said.
With the SEC’s approval of the increase, the subscribed shares have now been issued to Greenergy, the company said.
These stocks were issued as part of the authorized capital stock increase of Winsun from 20 million shares to 500 million shares at P1 each.
Greenergy has already paid P185 million upon subscription, with the remaining balance of P295 million payable within 60 calendar days from subscription.
The company described Winsun as engaged in energy projects, encompassing the exploration, development, and utilization of renewable energy (RE) resources, as well as the importation, exportation, and operation of RE systems and facilities within and outside the Philippines.
Greenergy initially focused on manufacturing specialty semiconductor products before diversifying into renewable energy.
At the local bourse on Tuesday, shares in the company went up by P0.004 or 1.90% to close at P0.21 each. — Sheldeen Joy Talavera
