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.
Basic Energy Corp. yesterday said it had signed an agreement with Vintage Holding Japan Co. Ltd (VHJ) on the possible acquisition of at least 10 percent stake in a 25-megawatt biomass power plant project in Japan. This firms up an undertaking that was announced last October, in which Basic Energy had expressed interest to acquire…read more
December 8 (Renewables Now) – Philippine publicly listed holding company Basic Energy Corporation (BEC) plans to acquire a stake of at least 10% in a 25-MW biomass power plant in Japan’s Saga Prefecture. BEC has signed a term sheet for the proposed transaction with Vintage Holding Japan Co Ltd (VHJ), which has the full executive…read more