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Business

Basic Energy swaps assets with Thai firm

Richmond Mercurio - The Philippine Star

MANILA, Philippines — Listed Basic Energy Corp. is exchanging its equity investments in two Thai engineering, procurement and construction (EPC) contractors for equipment to be used for its solarization projects in the country.

In a stock exchange filing, Basic Energy said it is set to undertake an asset swap transaction with Meta Corp. Public Co. Ltd. of Thailand.

Basic Energy said its board approved a proposed asset swap with Meta for the company’s 15 percent equity investments in Vintage EPC Co. Ltd. (VEPC) and VTE International Construction Co. Ltd. (VINTER).

Basic Energy in 2018 announced its acquisition of 15 percent interest in the two contractors which were involved in the construction of a 220-megawatt solar power plant in Myanmar.

The equity investments in the two companies will be exchanged for 63,450 units of PV modules (solar panels) and 4,250 sets of PV connectors.

“The transaction is being pursued in relation to the solarization projects of Basic Energy which will find use for the solar panel units to be exchanged for its equity investments in VEPC and VINTER,” the company said.

Basic Energy has earlier teamed up with French-multinational oil company Total and independent players such as EcoOil and Filpride-USA88 for its initial solarization and e-transport project.

The solarization of 1,500 retail stations coupled with complementary operation of 3,000 electric buses is envisioned by the company as part of its Green Energy E-Transport Project.

Under the project, the company is installing solar panels in the gas stations where energy could be stored in power storage and charging facilities that will power up e-buses.

BASIC ENERGY CORP.

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