A BROWN Company Inc. will be taking full ownership of Vires Energy Corp. (VEC) with the acquisition of its subsidiary’s remaining shares.

The company’s board of directors approved the purchase of a remaining 0.005 percent of VEC, bringing A Brown’s controlling stake to 100 percent.

A Brown’s board earlier approved the initial acquisition of all outstanding shares of VEC and the initial acquisition of 99.995 percent of outstanding shares on June 18, 2020.

The transaction was valued at P50.20 million.

VEC is the proponent of an integrated floating liquefied natural gas storage and regasification terminal and a 450-megawatt floating natural gas-fired power plant in Batangas City.

The firm secured an Environmental Compliance Certificate and Board of Investments registration for fiscal incentives for both projects.

The Department of Energy (DoE) issued a notice to proceed (NTP) in April 2021 for the LNG terminal. The agency also approved an extension of the NTP in January 2023 with a validity up to October 2023.

The power plant project is expected to be commercially operating by 2027.

A Brown’s shares last traded on March 23, 2023, closing at P0.78 apiece.