Basic Energy Corp. is commencing due diligence work on Solmax Power Limited of Hong Kong and its solar power projects in Japan as it looks to spread its wings outside the Philippines.
The company signed the investment term sheet and remitted a non-refundable deposit of JPY50 million to Solmax.
Basic Energy is conducting due diligence with the end-view of investing in the company and its solar projects.
Depending on the assessment, Basic Energy’s deposit will be converted into equity or refunded.
Basic Energy SVP and general manager Anthony Cuaycong said the company will make a proper investment offer should the due diligence prove satisfactory.
Source: http://bilyonaryo.com.ph/2017/07/21/basic-energy-commences-due-diligence-solmaxs-solar-farms-japan/
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