Greenergy Holdings Inc. (Greenenergy) has invested in Sunchamp Real Estate Development Corp. (Sunchamp) and Agrinurture Inc. (ANI), a move that will boost the firm’s presence in the real estate and the agriculture business.
Listed as an energy firm, Greenergy started diversifying into other businesses late last year.
A disclosure to the Philippine Stock Exchange showed the company executed on Thursday a subscription agreement with Sunchamp, which focuses primarily on eco-tourism development.
Under the deal, Greenergy has subscribed to 310 million primary common shares of Sunchamp for a subscription price of P1 per share or an aggregate subscription price of P310 million.
Greenergy shall hold a total of 62.39 percent of the total issued and outstanding shares of Sunchamp upon the issuance of the shares.
In a separate filing with the exchange, the company also disclosed that it acquired 60.9 million secondary common shares of fresh fruit producer and distributor ANI through the open market for an aggregate consideration of P255 million or P4.19 per share.
Upon issuance of the shares, Greenergy shall hold a total of 14.03 percent of the total issued and outstanding shares of ANI.
The move is likely to help improve ANI’s poor financial position, which was detailed by Times columnist Emeterio Sd. Perez on June 26. Based on company disclosures to the Securities and Exchange Commission (SEC), ANI reported a net loss of P14.688 million at the end of March, a complete turnout from the net profit of P20.147 earned in the first quarter a year earlier. This was said to have helped cause ANI’s running deficit to deepen from P464 million recorded at the end of 2013.
Greenergy’s equity investment in Sunchamp and ANI also marks the restart of the company’s spending plan following its nearly complete exit from the renewable energy sector. After having received SEC approval in March, Greenenergy on Tuesday finalized a deal to unload its 60 percent stake in Biomass Holdings, Inc. (BHI). BHI and Thomas Lloyd had formed the Cleantech partnership to operate the San Carlos Biopower Inc. plant in Negros Occidental.