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.
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