Business Mirror by Lenie Lectura - December 3, 2014
BASIC Energy Corp. has sought the green light of the Securities and Exchange Commission (SEC) to change the name of its unit Basic Ecomarket Farms Inc. to Basic Renewables Inc.
“The SEC on November 27 approved the amended Articles of Incorporation of Basic Ecomarket Farms Inc., a wholly owned subsidiary of Basic Energy Corp.,” it said on Wednesday.
Aside from the change in name, the unit’s primary purpose is “to engage in the business of exploration, development, utilization and production of renewable-energy resources, such as, but not limited to, solar, wind, hydropower and other forms of renewable energy, including the application and operation of systems, technologies and facilities for the generation, transmission, distribution, sale and use of electricity and fuel generated from renewable energy.”
Basic Energy holds minority stakes in service contract (SC) 47 and SC 53, located offshore and onshore Mindoro, respectively, as well as SC 41 in Sulu Sea. The company continues to look for business opportunities for the development of renewable energy, as it pursues its core business in oil and gas exploration and development. source
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