By Juzel L. Danganan
MANILA, July 2 (PNA) — Philippines’ Greenergy Holdings Incorporated (GHI) has executed its deed of absolute sale with German firm ThomasLloyd Cleantech Infrastructure Fund GMBH (CTF) for Biomass Holdings Inc (BHI).
Based on a disclosure with the Philippine Stock Exchange released on Wednesday, the deed of absolute sale involves the 300 million shares of BHI, which CTF purchased from GHI, amounts to 300 million PHP. The disclosure noted that the deed was executed on Tuesday.
However, the remaining 30 percent stake of GHI on BHI, which was also agreed to be sold, was noted to have been paid in partial.
The total 60 percent of GHI’s shares in BHI, amounts to 600 million shares, which was purchased by CTF at 67 cents per share.
Moreover, the deed of assignment of subscription, serving as the official document that the ownership and property rights was transferred to ThomasLloyd Cleantech Fund, was also executed at 100.52 million PHP. It said that CTF shall pay the balance of the subscription to BHI.
For a grand total of PHP 400.52 million, the two transactions will be paid by CTF to GHI in cash. The disclosure stated that the sale will serve as GHI’s funds in their prospect investments and acquisitions.
The two companies had formerly engaged in a joint-venture agreement for the creation of BHI, with CTF having owned the fractional 10 percent stake of the former.
With the sale of the BHI, the foreign firm may now spearhead BHI’s San Carlos Biopower Inc to its bidding, which operates the San Carlos Biomass Power Plant.
German-ThomasLloyd Cleantech Infrastructure Fund GMBH is an international investment banking and investment management company dedicated to the development of the renewable energy sector in Asia. It has mostly developed solar farms in Cambodia and the Philippines.
CTF’s investments in the Philippines are the San Carlos Solar Energy Farm, South Negros Biopower Inc, North Negros Biopower Inc, Central-Tarlac Biopower Inc and the San Carlos North East Wind Inc.
The current projects of ThomasLloyd in the Philippines will benefit about 1.5 million provincial electrical consumers. (PNA)