Lopez-owned First Philippine Holdings Corp. (FPH) said Monday it signed an agreement to transfer 100 percent ownership of Pi Energy, Inc. to its subsidiary First Gen Corp. (FGEN) for slightly over P1 billion.
FPH and FGEN issued separate disclosures after executing a deed of assignment for over 210,330 common shares of Pi Energy at P1 per share for P210,330 and 2,781,764 preferred shares at P361.87 per share for P1 billion.
FPH’s principal activities include investments in real and personal properties, including shares of stocks, notes, securities and entities in power generation, real estate development, manufacturing, construction services and other industries.
“Given that FGEN is the FPH Group’s platform for delivery of value-added and decarbonization solutions, the transfer of Pi Energy to FGEN aligns with the group’s efforts to streamline its business holdings and better manage its portfolio,” the parties said.
Pi Energy provides customers with energy solutions through products and services such as microgrid, solar rooftop, energy audit, remote energy monitoring and energy efficiency.
“This transaction is expected to generate synergies and value-accretive returns for FPH’s shareholders,” the company said.
Pi Energy earlier announced it will provide Sanyo Denki Philippines with a remote energy monitoring system that will enable it to see its power consumption in real-time, thereby helping the company rationalize and optimize power costs.