PETROENERGY Resources Corp. (PERC) has approved to sell 25-percent equity in PetroGreen Energy Corp. to Kyuden International Corp.
In a disclosure to the Philippine Stock Exchange on Thursday, PERC said its board approved in a meeting on September 15 the signing of a share subscription agreement and shareholders' agreement with Kyuden International Corp. (KIC), a wholly-owned subsidiary of Japan's Kyushu Electric Power Co. Inc.
"Pursuant to the said documents, PERC's renewable energy subsidiary, PetroGreen Energy Corporation (PGEC), will issue primary shares in favor of KIC equal to 25 percent equity stake in PGEC upon completion of the conditions precedent for the transaction," PERC said.
"This will effectively reduce PERC's interest in PGEC from 90 percent to 67.5 percent," the energy company added.
Founded in 1999, Kyuden International Corp. is a subsidiary of the Japanese Kyushu Electric Power Group. It provides electricity-focused energy solutions globally.
delivered to your inbox
PetroEnergy is a publicly listed firm with a diversified portfolio in petroleum exploration, renewable energy development and operation, and power generation, which is a subsidiary of the Yuchengco Group.
Earlier this year, PetroEnergy announced its plan to expand its geothermal portfolio to further boost its renewable energy presence in the country. It said the company is targeting to add 400 megawatts to its portfolio in the next three to four years, while it plans to build three offshore wind farms in the long term.