Repower Energy to absorb subsidiary
The Manila Times
A WHOLLY-OWNED subsidiary of Pure Energy Holdings Corp. (PEHC) on Monday bared plans to incorporate another first-tier subsidiary to bolster its hydropower business. In a disclosure, PEHC unit Repower Energy Development Corp. (REDC) said it would be absorbing Baguio Asin Hydropower Corp. in a bid to further expand its business. “REDC will subscribe, at par, to 100 percent of the subscribed capital stock of the subsidiary at the time of incorporation,” the renewable energy firm said. “The authorized capital stock of the subsidiary is P50 million at the par value of P1.00 per share, with an initial subscribed capital stock of P12.5 million,” REDC said. REDC added that the subscription agreement with Baguio Asin would be executed once the Securities and Exchange Commission approves the incorporation or as may be required by the subsidiary’s board of directors. It said the subsidiary would be an addition to REDC’s existing hydropower portfolio, namely Bicol Hydropower Corp., Philippine Power and Development Corp., Majayjay Hydropower Co. Inc., and Labayat 1 Hydropower Corp., among others. In an earlier disclosure, REDC reported that its net income in the first six months of this year more than tripled to P95.7 million from the previous year’s P27.2 million. It said profit growth was driven by a 64.51-percent increase in gross revenues to P226.3 million from P137.6 million previously. REDC shares last traded on September 15, closing at P5.13 apiece.