Greenergy unit eyes listing in local bourse

Manila Times.net
Published : Tuesday, January 10, 2012 00:00 Written by : KRISTA ANGELA M. MONTEALGRE


GREENERGY Holdings Inc. on Monday said it remains keen on listing its semiconductor business in the local bourse this year.


Antonio Tiu, Greenergy Holdings chairman and chief executive, said in a text message that Music Semiconductors Philippines Inc. is looking at a possible listing in the Philippine Stock Exchange via introduction in March.


Listing by way of introduction allows the company’s existing stockholders to trade their holdings on the exchange without raising new capital. Companies that join the bourse through this listing method are required to stage an initial public offering 12 months after.


Formerly MUSX Corp., the semiconductor firm was renamed Greenergy Holdings to reflect the company’s new business direction after Tiu, who also chairs listed AgriNurture Inc., bought into the firm following a private placement transaction in 2010.


Before Tiu took over the company, the former management of MUSX had originally planned to sell its 61-percent stake in MSPI because of the high risk and capital intensive nature of the business. The management also considered the divestment of MUSIC Semiconductors, Inc., Musem Electronic N.V. and Protelcon Inc.


In line with its diversification, Greenergy Holdings had inked a partnership with Chinese firm Tianjin Tianbao Investment and Development Corp. for the joint investment of at least $1.3 billion within a 10-year period for the development, funding and operation of renewable energy projects in the country.


The company marked its foray into the field of renewable energy with the purchase of 51 percent of Total Waste Management Recovery System, Inc. and the infusion of up to P25 million in advances to the waste management company as additional working capital.