Greenergy investing in real estate, IT
Listed energy firm Greenergy is entering the real estate and IT businesses as part of efforts to diversify its investment portfolio.
In a disclosure to the Philippine Stock Exchange, Greenergy said it had subscribed to 20 percent of the outstanding capital stock of agri-tourism developer Sunchamp Real Estate Development Corp. for P55 million.
Greenergy is also set to acquire a 25-percent equity interest in IT Group Inc., which offers technology and outsourcing services, for a still undisclosed amount.
The company’s portfolio currently consists of interests in renewable energy and waste management projects.
The final terms and conditions of these investments will be subject to the results of a due diligence, the company said.
The Sunchamp stake to be acquired by the energy firm will come from the firm’s unissued authorized capital stock. The real estate company focuses on the development of “self-sustaining agri-tourism areas” and currently has right over 145 hectares of land in Rosario, Batangas, Greenergy said.
As for the IT Group, Greenergy said it executed a binding term sheet for the acquisition of the 25 percent stake.
IT Group is engaged in the business of providing management consultancy, technology services and outsourcing services, ranging from small, medium to large organizations. The IT firm provides enterprise resource planning, customer relationship management, enterprise collaboration, IT service management, enterprise infrastructure, enterprise content management, web design and development, outsourcing services, custom software development and mobile application integration.
Greenergy earlier said it was acquiring a 26-percent stake in Agricultural Bank of the Philippines Inc., which is into the business of extending rural credit to small farmers and tenants and to qualified rural industries or enterprises.
The energy firm is also investing in biomass projects in China, particularly by acquiring a majority stake in Zhongshe Renewable Energy Corp. The biomass projects in China are being undertaken in synergy with the Heilongjiang Beidahuang Seed Group Co. Ltd.
