Formerly listed as a firm whose focus is solely on energy investments, Greenergy Holdings Inc. has began with its planned diversification as it formalized ventures into real estate and information technology (IT).
A disclosure to the Philippine Stock Exchange on Thursday showed that Greenergy Holdings separately sealed a deal with two firms, Sunchamp Real Estate Development Corp. (Sunchamp) and IT Group Inc., for new business ventures.
For its entry into real estate business, Greenergy has executed a subscription agreement for 20 percent of the outstanding capital stock of Sunchamp, to be issued from the latter’s unissued authorized capital stock, for a total consideration of P55 million.
Sunchamp is a real estate company that focuses on the development of self-sustaining agri-tourism areas. It currently has rights over approximately 145 hectares of land in Rosario, Batangas.
Greenergy further disclosed that it has also executed a binding Term Sheet for the acquisition of 25-percent equity interest in IT Group Inc.
IT Group is engaged in the business of providing management consultancy, technology services and outsourcing services for clients ranging from small, medium to large organizations.
“The investments in Sunchamp and IT Group are in line with the objective of the company to diversify its investment portfolio that currently includes renewable energy and waste management project,” Greenergy Holdings said.
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, the disclosure added.
This business venture came several months after Greenergy Holdings disclosed to the exchange that it will become the holding firm for businessman Antonio Tiu’s assets. Tiu also chairs listed agriculture firm AgriNurture Inc.
As a holding firm, the businesses that it considered to be included in its portfolio are food and agriculture, banking and finance, real estate development and construction, renewable energy, technology, IT and retail.