In a disclosure to the stock exchange on Monday, Basic Energy said its stockholders had approved the issuance of 392,092,829 shares to Vintage Engineering Public Co. Ltd. of Thailand (VTE) during the company’s annual stockholders meeting on June 28, 2017.
“With the subscription and payment of the above mentioned shares, VTE shall be owning shares more than 10% of the outstanding issued capital stock of [Basic Energy],” the company disclosed.
In the minutes of the meeting submitted to the exchange, Basic Energy said its senior vice-president and general manager had presented to shareholders the proposed share issuance to VTE. Anthony L. Cuaycong is the company’s senior vice-president.
“He presented the company profile and organizational structure of the company as well as existing renewable projects of the company in Asia,” the company said.
“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),” Basic Energy said.
“On motion, which was duly seconded and there being no objection thereto, the Chairman considered as approved the issuance of 392,092,829 shares to [VTE],” it added.
On Monday, shares in Basic Energy closed the session unchanged at P0.26 each.
In its disclosure on Feb. 15, 2017, Basic Energy described VTE as “presently developing some energy projects in Japan, Myanmar, Indonesia and the Philippines.” It said the partner was originally in the construction and engineering business.
The Basic Energy shares that VTE will subscribe to will come from the company’s unissued capital stock, the company had said. It also said the subscription would be in tranches, subject to the terms and conditions agreed by the business partners.
Basic Energy previously said VTE had the right to invest in its Mabini geothermal project and other company projects. The publicly listed Thai company may also increase its holdings of Basic Energy shares in the future.
In a text message, Mr. Cuaycong said the price of the Basic Energy shares subscribed by VTE is P0.32 each, placing the latest subscription payment at around P125.47 million.
“VTE has the option to increase its holdings and/or invest directly in Basic Energy projects upon mutual agreement,” he added.
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