Repower enlists yet another backer
MANILA, Philippines — Tiu-led Repower Energy Development Corp. has gained another investor after an energy firm based in the British Virgin Islands acquired nearly a tenth of its shares for P388.61 million.
In a stock exchange filing last week, Repower said Climate Energy Advisors Series Three Ltd. had acquired 64.5 million of its shares, equivalent to a 9.95-percent stake.
Repower has a market capitalization of P4.15 billion to date.
READ: Repower snags contracts for additional wind farms
The power firm, a subsidiary of businessman Dexter Tiu’s Pure Energy Holdings Corp., added that the transaction was meant for Climate Energy to “further accomplish its primary purpose to acquire, own and manage equity interests, shares or assets in one or more subsidiary companies in renewable energy businesses in the Philippines.”
The company likewise clarified that Climate Energy did not intend to enter into a merger agreement with Repower, nor would it acquire additional shares.
Article continues after this advertisementREAD: Japanese firm raises stake in Repower to 20.1%
Article continues after this advertisementRepower officially listed in the local bourse in June 2023, raising P1.15 billion in its initial public offering (IPO) to expand its renewable energy portfolio.
Last month, Tokai Corp., a subsidiary of Japanese conglomerate Tokai Holdings Corp., injected an additional P486.3 million in capital into Repower.
This raised its stake in Repower to 20.1 percent from 10 percent.
The Japan-listed company, which has investments across retail, commercial and industrial markets, was an anchor investor in Repower’s IPO, acquiring a third of the IPO shares.
