By Jenniffer B. Austria | Posted on August 17, 2012 | 12:01am
A Zurich-based fund is buying P415.5 million worth of shares in Greenergy Holdings Inc., a local company that plans to build a biomass power plant in the Visayas.
Greenergy said in a disclosure to the stock exchange Thursday it signed an investment agreement with Cleantech Projekgesellschaft mbH, a fund managed by the ThomasLloyd Global Asset Management (Switzerland) AG of Zurich. Cleantech will subscribe 20.7 billion primary shares in Greenergy.
Greenergy will sell the shares at P0.02 apiece, or for a total of P415.5 million.
“The proceeds of the investment shall be used by the company, through a new subsidiary it will establish, to invest in the new biomass power plant of San Carlos BioPower, Inc. in the Visayas,” Greenergy said.
It said the investment agreement was expected to close by the end of August.
Meanwhile, the company said it would finalize additional subscription agreements for P252 million within 45 days of closing to complete the investment in the San Carlos project.
Greenergy acquired 51 percent of Total Waste Management Recovery System Inc. source
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