Japan’s TOKAI Holdings Corp. is increasing its stake in renewable energy firm Repower Energy Development Corp. (REDC).
TOKAI, an anchor investor to REDC’s initial public offering in July last year by purchasing a 10 percent stake, is buying an additional 65.1 million shares that will increase its stake to 20.1 percent.
“The shares will be bought at P7.47 apiece, which was based on the average daily volume-weighted average price from January 1 to 31,” the company said.
REDC closed Tuesday’s trade at P7.26.
“The investment will be made in the week of February 12, and will entitle TOKAI to a seat in REDC’s board. This is part of TOKAI’s initiatives to achieve carbon neutrality throughout its operations by 2050, and signifies confidence in REDC’s profitability and long-term growth potential,” TOKAI said.
Eric Peter Roxas, REDC chief executive officer, said TOKAI’s additional investment “signifies the strengthening partnership between the two companies.”
“It shall create synergy for both of us in developing projects locally and internationally. This additional capital shall serve as fuel for our expansion plans as we look to build a presence in markets we have yet to serve,” he added. – Ruelle Castro
