Business Mirror
THURSDAY, 23 FEBRUARY 2012 20:21 MIGUEL R. CAMUS / REPORTER
GREENERGY Holdings Inc., a listed renewable energy company led by businessman Antonio Tiu, is in talks to acquire a Taiwan-based biomass management firm as part of an ongoing strategy to widen its power portfolio.
Greenergy said in a Philippine Stock Exchange filing on Thursday that its board approved a plan to enter into negotiations with Grateful Strategic Marketing Consultants Co., which operates two biomass plants in Taiwan, for a possible acquisition.
The Taiwanese firm is currently led by General Manager Chung Ming Yang, who is also a director in Tiu-controlled AgriNurture Inc., an agribusiness company listed on the PSE.
Greenergy, formerly known as MUSX Corp., has been actively seeking opportunities to expand into the renewable energy sector. It acquired in June last year a 51-percent stake in biomass firm Management Recovery System Inc. Two months later, it signed agreements with China’s Tianjin Tianbao Investment and Development Corp. including an agreement to establish a partnership that will invest at least $1.3 billion to build 1,000 megawatts of wind energy projects in 10 years.
The board of Greenergy also approved on Thursday the sale of shares to P250 million, equivalent to 25 billion common shares, to Tiu-led Earthright Holdings Inc. through a private placement transaction.
The sale will be supported by an increase in the company’s authorized stock to P2 billion from P1 billion. The board also approved the issuance of 1 billion warrants to Tiu at the issue price of P0.001 per warrant.
Greenergy shares retreated 7.69 percent to P0.012 apiece on Thursday, giving the company a market value of P766.51 million.
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