Atok-Big Wedge moving into renewable energy

MANILA, Philippines — Roberto Ongpin-led Atok-Big Wedge Co. Inc. is moving forward with its plan to expand into renewable energy.

The board of Atok-Big Wedge has given the green light for the proposed change in the company’s articles of incorporation, which will pave the way for the listed mining firm’s planned venture into the renewable energy space.

Atok-Big Wedge, in a disclosure to the Philippine Stock Exchange, said its board of directors unanimously approved the amendment of the company’s primary purpose to go into renewable energy.

The company said it would submit the foregoing amendment to its articles of incorporation for the approval of at least two thirds of the stockholders through written assent.

Atok-Big Wedge earlier announced plans for a major expansion into renewable energy in a bid “to participate in the climate change effort that the entire world is presently focusing on.”

The company’s first project would be a 500-megawatt wind power project on Patnanungan Island, a 750-hectare property which is 22 nautical miles from Balesin island and is owned by its sister company Alphaland Corp.

It earlier said it was in discussions with a major power company in China.

Atok-Big Wedge is one of the oldest mining firms listed in the PSE, having been incorporated in the early 1930s.

The company owns Tidemark Corp., which in turn owns 20 percent of Forum Energy PLC, which has a 70 percent stake in Service Contract 72.