LISTED HOLDING COMPANY BASIC ENERGY CORP., TOGETHER WITH ITS PARTNER SOLMAX POWER LIMITED OF HONG KONG, WILL CARRY ON WITH ITS OVERSEAS SOLAR EXPANSION BEGINNING WITH JAPAN AFTER THE FORMER SIGNED THE INVESTMENT TERM SHEET AND REMITTED A REFUNDABLE DEPOSIT WORTH JP¥50M (ROUGHLY ₱22.74 M) “TO TRIGGER THE DUE DILIGENCE WORK.”
Additionally, Basic Energy is on the lookout for more solar investments, preferably in the Asian region.
Earlier, it has issued shares to Thai company Vintage Engineering Public Co. Ltd. with a nine percent controlling interest or an approved issuance of 392,092,829 shares.
“A resolution was submitted for the approval of the issuance of 392,092,829 shares to VTE, in addition to its existing subscribed shares of 43,565,870 shares, to enable the listing of said shares with the PSE (Philippine Stock Exchange),” it said.
According to Basic Energy Senior Vice President Anthony L. Cuayong, VTE has the option to raise its interest stake up to 25 percent directly upon mutual agreement.
This decision was given consideration due to the recent pronouncement by the government to decommission the Feed-in Tariff program.
The Philippine Stock Exchange (PSE) reported that capital raised at the bourse was at a record high of P150.01 billion in the first half of 2018. The amount raised in the first six months was 40.5 percent higher than the P106.74 billion recorded in the same period last year. The capital raising activities from January…read more
BASIC ENERGY Corp. has not given up on its service contracts to explore five areas in the Philippines for their potential capacity for geothermal energy. “We don’t have any intentions of letting go of it [geothermal service contract] because we believe that that’s still the future,” Basic Energy President and Chief Executive Oscar L. de…read more