By Lenie Lectura - November 29, 2019
Vivant Corp.’s two subsidiaries are
buying more shares in ET-Vivant Solar Corp., the listed firm told the exchange
on Thursday.
The company said Vivant Energy Corp.
(Vivant Energy) executed a deed of sale with assignment of subscription rights
with ET Energy Pilipinas Holding Corp. for the latter to sell the 8,858,484
paid-up preferred shares, and to assign its rights over the 9,141,516
subscribed but unpaid preferred shares of ETEPHC in ET-Vivant Solar Corp.
In addition, Vivant Renewable Energy
Corp. executed a deed of sale with assignment of subscription Rights with
ETEPHC to sell to VREC the 984,276 paid-up common shares, and to assign its
rights over the 1,015,724 subscribed but unpaid common shares of ETEPHC in
ET-Vivant Solar.
“We have not acquired ETEPHC. We
purchased ETEPHC’s shares in a previous joint venture, ET-Vivant,” said Vivant
Assistant Vice President for Corporate Communications Shem Jose Garcia.
The transaction will result in
Vivant Energy and VREC collectively owning 99.99 percent of ET-Vivant Solar.
The remaining shares are shares held by members of the Board of Directors.
“The main reason for this is that we
are currently working on a new brand that consolidates all our
business-to-business customer-facing energy solutions.
The brand is launching next year.
So, it’s not too early to give all the details, but the purchase of remaining
shares of ET-Vivant was to have complete control over our rooftop solar
offering, which will be just one of the services offered,” said Garcia.
ET-Vivant Chief Operating Officer
Mark Habana added that the acquisition would help improve Vivant Energy’s
renewable-energy portfolio. “ETEPHC was our partner in a joint venture to
develop rooftop solar projects. We acquired shares of the joint-venture
company,” he explained.
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