Basic Energy Corp. said Friday it signed an agreement to sell at least 67 percent of its outstanding capital stock to Map 2000 Development Corp. P2.8 billion.
“The company executed the subscription agreement with M2DC for the latter’s subscription to 9,827,990,853 primary shares at a total subscription price of P2,800,977,393.11,” the company said in a disclosure to the stock exchange.
Basic Energy earlier said the transaction would result in a fresh capital infusion into the company, allowing it to grow and expand its portfolio of energy-focused projects, including interests in other renewables such as solar, wind, biomass, petroleum and other types of energy projects. “With this, the Company hopes to build a robust project portfolio that will bring in revenues in the short to medium terms enhancing shareholder value,” the company said.
Basic Energy signed in December an agreement to sell 9,827,990,853 shares of stock to M2DC to be issued out of the increase in the authorized capital stock of the corporation from P2.5 billion to P5 billion.