Greenergy Holdings Inc., a company led by businessman Antonio Tiu, said Tuesday it will subscribe to additional shares in wholly-owned renewable subsidiary Winsun Green Ventures Inc. for P480 million.
Greenergy said in a disclosure to the stock exchange its board of directors approved the subscription of 480 million shares in WGVI priced at P1 per share.
The shares will come from the proposed increase in WGVI’s authorized capital stock to P500 million from P20 million.
Greenergy said it paid P185 million upon subscription, while the balance of P295 million would be settled on or before Nov. 17, 2023.
“The transaction will strengthen the position of the company in renewable energy and sustainable community projects,” Greenergy said.
WGVI is a wholly-owned subsidiary of the Greenergy engaged in the development and investment in energy projects including, but not limited to, the exploration, development and utilization of renewable energy resources, importation, exportation and actual operations of RE systems and facilities.
Meanwhile, Greenergy reported the appointment of businessman Edgardo Lacson as the new chairman of the company.
Lacson, who currently sits as independent director, will replace Martin Subido who will remain as a director.
The board of Greenergy also elected Stephen Anthony CuUnjieng as an independent director of the company to fill the vacancy created by the resignation of Maylyn Dy.
CuUnjieng has over 30-year career in investment banking including as chairman and senior managing director of New York-based Evercore Asia Ltd.
Greenergy also has business interests in food and agriculture, banking and finance, real estate development and construction, technology, biotechnology and green infrastructure projects.
Its share price was unchanged at P0.275 Tuesday.