MANILA, Philippines - Listed renewable energy firm Greenergy Holdings Inc. is venturing into two new businesses to broaden its income base.
In a regulatory filing, the firm said it bought shares of an agri-tourism developer and an information technology (IT) company.
“The investments in Sunchamp Real Estate Development Corp. and IT Group Inc. are in line with the objective of the company to diversify its investment portfolio that currently includes renewable energy and waste management projects,†Greenergy said.
Specifically, the company spent P55 million to buy a 20-percent stake in Sunchamp, which will be issued from the property firm’s unissued authorized capital stock.
Sunchamp is a real estate firm focusing on the development of self-sustaining agri-tourism areas. To date, it has real and enforceable rights over 145 hectares of land in Rosario, Batangas.
“The company further wishes to disclose that it has also executed a binding term sheet for the acquisition of 25 percent equity interest in IT Group,†Greenergy said.
IT Group is into management consultancy, technology services and outsourcing services for small, medium and large organizations. Specifically, its services include enterprise resource planning, customer relationship management, enterprise collaboration, IT service management and custom software development.
“The final terms and conditions of the foregoing investments shall be subject to the results of the due diligence to be conducted by the company,†Greenergy said.
Late last year, Greenergy secured shareholder approval for various equity infusion deals that raised more than P1 billion in fresh capital. It sold shares to Earthright Holdings Inc., fund manager Southern Field Ltd.’s (BVI) and Cleantech Projekgesellschaft mbH, a fund managed by the ThomasLloyd Global Asset Management (Switzerland) AG of Zurich.
In November, Greenergy and Cleantech spent P667 million to acquire a 64 percent share in San Carlos Biopower Inc., the proponent of the 18-megawatt (MW) biomass power generation plant in Negros Occidental.
Greenergy is also in a joint venture with China-based Tianjin Tianbao for the construction of $1.3 billion worth of wind power projects with a total generating capacity of 1,000 MW in the Philippines in the next 10 years.
The company was incorporated as Music Semiconductors Corp. in 1992 to engage in the creation, design, development and manufacture of specialty semiconductor products and to market and sell the same to customers worldwide.