Greenergy caps investment in RE unit after SEC nod

Brix Lelis - The Philippine Star
Greenergy caps investment in RE unit after SEC nod
Greenergy Holdings Inc.
Businessworld / File

MANILA, Philippines — Listed Greenergy Holdings Inc. has completed its P480-million investment into subsidiary Winsun Green Ventures Inc. (WGVI) following regulatory approval on the latter’s capital stock hike.

The Securities and Exchange Commission (SEC) issued the certificate of approval dated June 24 for the increase in WGVI’s authorized capital stock, Greenergy told the stock exchange yesterday.

In September 2022, the Board of Directors of Greenergy authorized the company’s subscription to 480 million shares out of the increase in the renewable energy (RE) unit’s capital stock.

Following the SEC approval, WGVI’s capital stock increased to P500 million from P20 million, divided into 500 million shares with a par value of P1 apiece, with the subscribed shares now issued to Greenergy.

An initial payment of P185 million was made last year, and the balance is payable within 60 calendar days from the subscription date.

Greenergy said the transaction is expected to strengthen its position in RE and sustainable community projects.

Last December, the listed firm disclosed plans to secure up to P5 billion in loans or other credit facilities with banks or other financial institutions.

Greenergy earlier said it would widen and diversify its portfolio by investing in the areas of agriculture, agri-tourism, real estate development, banking and finance, as well as information technology.

WGVI is engaged in the development and investment in energy projects, including the exploration and utilization of RE resources as well as the actual operation of clean energy systems and facilities in the Philippines and overseas.

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