LISTED firm Phinma Energy Corp. has subscribed to a 15 percent additional stake in its renewable energy unit
Trans-Asia Renewable Energy Corp. (Tarec) for P750 million.
In a disclosure to the Philippine Stock Exchange on Friday, Phinma Energy said it acquired 750 million shares in Tarec at a price of P1 per share.
The company said the share subscription was done to “provide funds to the subsidiary and build up its capital base.”
Phinma Energy made an initial payment of P187.5 million or 25 percent of the P750-million transaction value and the balance will be settled upon the call of the company’s board of directors.
Established in 1994, Tarec is a company involved in developing and utilizing renewable energy projects. It is currently operating its 54-megawatt San Lorenzo wind project in San Lorenzo, Guimaras under a Wind Energy Service Contract certified by the Department of Energy.
Formerly Trans-Asia Oil and Energy Development Corp., Phinma Energy is engaged in power generation and oil and mineral exploration.
The company is under parent firm Phinma Corp., which also has interests in manufacturing steel products (Union Galvasteel Corp.); property (P&S Holdings Corp. and Asian Plaza Inc.); business process outsourcing (One Animate Limited); and education (Phinma Education Holdings Inc.).