Thursday, April 18, 2024

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Greenergy has invested P480 million in its renewable energy subsidiary.


LISTED firm Greenergy Holdings, Inc. is investing an additional P480 million into its subsidiary Winsun Green Ventures, Inc., which is into renewable energy (RE) ventures.

On Tuesday, the company announced to the local stock exchange that its board of directors had given approval on Monday for subscribing to 480 million shares as part of Winsun’s increase in authorized capital stock.

The deal will enhance [Greenergy]’s standing in the field of renewable energy and initiatives for sustainable communities, according to the statement.

The company has already paid P185 million upon subscribing, and the remaining P295 million will be paid within 60 days or by Nov. 17.

Greenergy stated that Winsun is involved in energy initiatives, such as researching, developing, and utilizing renewable energy sources, as well as importing, exporting, and managing renewable energy systems and facilities both within and outside of the Philippines.

Winsun has decided to raise its authorized capital stock from 20 million shares to 500 million shares, each with a par value of P1. This change is pending approval from the Securities and Exchange Commission.

According to a message on Viber from Carlos Angelo O. Temporal, a senior analyst at Unicapital Securities, Inc., the extra shares will enable Greenergy to grow their renewable energy offerings.

“The purchase of 480 million shares of Winsun by Greenergy provides a substantial amount of funds for Winsun to grow their renewable energy portfolio. As a result, this boosts the worth of Greenergy as the parent company,” he explained.

Greenergy’s recent statement also mentioned that Martin C. Subido, the chairman, has stepped down for personal reasons and will be succeeded by Edgardo G. Lacson.

According to the company, Mr. Subido will continue to serve as the director.

The organization additionally declared the selection of Stephen Anthony T. CuUnjieng, an investment banker, as an independent director to fill the position left vacant by the departure of Maylyn Z. Dy.

According to the company, Mr. CuUnjieng currently serves as an independent director in multiple publicly traded companies and possesses more than three decades of experience in investment banking.

Initially, Greenergy focused on producing specialized semiconductor goods before delving into the field of sustainable energy.

On Tuesday, the company’s shares remained at a steady price of P0.28 each at the local stock market.