PetroEnergy Resources Corp. (PERC) signed a share purchase agreement with EEI Power Corp. (EPC) to acquire all of the latter’s common shares in PetroGreen Energy Corp., PetroSolar Corp. and PetroWind Energy Inc. for a total of P2.69 billion.
Specifically, PERC acquired EPC’s 213,675,516 common shares in PetroGreen equivalent to 7.5 percent of the company at P2.78 per share; 6,993,800 common shares in PetroSolar equal to 44 percent of the company at P206.46 per share; and 2,865,408 common shares in PetroWind equivalent to 20 percent of the company at P227.38 per share.
In a separate disclosure, EEI Corp., EPC’s parent firm, said the funds will be utilized to reduce the company’s debt obligations and provide working capital as it gears up for additional construction business in the Philippines and abroad to further strengthen its balance sheet.
Both PERC and EEI Corp. are part of the Yuchengco Group of Companies.
PERC’s portfolio includes the 20 megawatts (MW) Maibarara-1 and the 12 MW Maibarara-2 geothermal power plants in Batangas, the 36 MW Nabas-1 wind power project in Aklan and a 70 MW solar project in Tarlac.
PERC also has a minority stake in the Etame oil concession in offshore Gabon, West Africa.
Recently, PERC, through its subsidiary, acquired three new offshore wind blocks from the Department of Energy covering offshore northern Luzon, northern Mindoro and eastern Panay. – Jed Macapagal
