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 Corporation has signed a term sheet with Vintage Holding Japan Company Limited (VHJ) forthe possible acquisition of a minimum 10% stake in a 25 MW biomass power plant in Karatsu City, SagaPrefecture, Japan. VHJ holds full executive rights to the facility wholly owned and controlled by BiomassPower GK(IBP). As approved by the Board…read more
Philippine-listed company Basic Energy Corp is looking to acquire up to 20 per cent stake in a Japan-based power plant wholly owned and controlled by BiomassPower GK (IBP). Basic Energy signed on Thursday a term sheet with Vintage Holdings Japan Company Limited (VHJ) for the possible acquisition of a minimum 10 per cent stake in…read more