Manila Bulletin
by Maricel Burgonio
July 30, 2015
A Brown Company, Inc.(ABCI) said it selling its interest in Peakpower Bukidnon, Inc. (PBI) to its associate Peakpower Energy Inc.(PEI).
In a disclosure to the Philippine Stock Exchange (PSE), the ABCI said the sale will streamline the company’s investment in power sector engaging in bunker-fired power projects.
It will consolidate all peaking projects under one holding company, PEI.
It will be selling its 100 percent interest or 2,500,000 shares in PBI to its associate PEI at par value of P1.00 per share.
“The amount of consideration for the sale of 100% interest in PBI is P2.5 million,” ABCI said.
ABCI is primarily engaged in the business of real estate development located in Cagayan de Oro City and Initao in Misamis Oriental; Cainta, Rizal; and Valencia City, Bukidnon; and Butuan City, Agusan del Norte.
ABCI, through its subsidiaries, also ventured into oil palm nursery and seedlings distribution, palm oil milling, operation of hotels, real estate brokerage, power generation, and investment in gold mining assets.
Its subsidiaries include A Brown Energy and Resources Development, Inc.; Brown Resources Corp.; Palm Thermal Consolidated Holdings Corp.; and Hydro Link Projects Corp., while affiliates include Masinloc Consolidated Power, Inc.; Peakpower Energy, Inc.; Monte Oro Resources & Energy, Inc.; and Phigold Ltd. source
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