• Basic Energy deposits 500-M yen for Solmax due diligence


    LISTED company Basic Energy Corp. said on Friday it has remitted a refundable earnest deposit of 500 million yen ($4.48 million, P227 million) to Solmax Power Ltd. of Hongkong (Solmax) to trigger the due diligence work on Solmax and its solar projects in Japan.

    In a disclosure to the Philippine Stock Exchange (PSE), Basic Energy said it has signed the investment term sheet and made the refundable earnest deposit in connection with its undertaking to conduct due diligence on Solmax, with the end goal of investing in Solmax and its solar projects.

    The latest undertaking, which triggered exclusivity during the period of due diligence, is expected to be completed within three to six months.

    Basic Energy, which holds a 70 percent stake in Hong Kong-based electronic manufacturer Grandway Group Ltd., is a holding company with interests in different fields of renewable energy and alternative fuels, and oil and gas exploration and development.


    Please follow our commenting guidelines.

    Comments are closed.