Economy

PetroEnergy sells 25% equity in renewables unit to Japan’s Kyuden

YUCHENGCO-LED PetroEnergy Resources Corp. said on Thursday that its board had approved to sell 25% of its shareholdings in PetroGreen Energy Corp. to Kyuden International Corp. (KIC), a subsidiary of Japan’s Kyushu Electric Power Co., Inc.

In a stock exchange disclosure, PetroEnergy said that divestment of shares from its renewable energy arm prescribes the issuance of primary shares “in favor of KIC equal to 25% equity stake in PetroGreen upon completion of the conditions precedent.”

PetroEnergy said that the transaction will reduce its interest in PetroGreen to 67.5% from 90%.

In a separate regulatory filing, EEI Corp. said its subsidiary EEI Power Corp. entered into a shareholders’ agreement with KIC.

Upon the completion of KIC and PetroGreen’s transaction, EEI Power’s interest in PetroGreen will be reduced to 7.5% from 10%.

KIC is the investment arm of Kyushu Electric and has investments in the United States, Mexico, Taiwan, Vietnam, and the Philippines.

Kyushu Electric is the exclusive power provider and distributor in Kyushu island and operates 18.32 gigawatts of power facilities using thermal, geothermal, hydro, and nuclear with 154,434 kilometers of high- and low-voltage transmission systems.

On Thursday, shares in PetroEnergy closed unchanged at P4.94 apiece. — Ashley Erika O. Jose

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

Disclaimer:

TheProficientInvestor.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 TheProficientInvestor. All Rights Reserved.

To Top