Greenergy Holdings Inc. purchases 310-M unissued shares of Sunchamp Real Estate Development Corp.

MANILA, July 3 (PNA) – Greenergy Holdings Inc. (GHI) has purchased 310 million unissued shares of Sunchamp Real Estate Development Corp., according to a disclosure to the Philippine Stock Exchange (PSE) Thursday.

”The Company wishes to inform the investing public that it executed today a Subscription Agreement with Sunchamp Real Estate Development Corp. wherein the Company subscribed to 310,000,000 primary common shares of Sunchamp from the unissued portion of the latter’s outstanding capital stock with a subscription price of P1.00 per share,” the disclosure said.

It also said that the 310 million shares priced at P1.00 each, generating 310 million PHP, will be paid immediately by GHI after the execution of the agreement.

With the transaction, GHI will own 62.39 percent of the total shares of Sunchamp. The former had already invested P55 million in Sunchamp last 2013.

A subscription agreement is a limited partnership that needs approval by the company seller, which is a check to ensure that the buyer has the ability to deliver the transaction. The transaction has minimal liability for the investor party since his sole concern is his investment in the partnership.

On the other hand, unissued stock is a share, which has been authorized by the company, but has not been sold.

Moreover, the same disclosure noted that GHI, through the open market, has also bought 60.9 million secondary common shares from Agriculture Inc. (ANI). The purchase amounts to P225 billion which includes taxes, fees and commission of P4.19 per share.

The company said that it now holds 14.03 percent of the outstanding shares of ANI.

Previously, GHI sold its dominating stake of 60 percent at Biomass Holdings Inc. (BHI) to German-Thomas Lloyd Cleantech Infrastructure Fund GMBH (CTF) for P400.52 million. The company stated that the BHI payment will serve as GHI’s funds in their prospect investments and acquisitions.

Sunchamp Real Estate and Development Corp. is a local real estate developer focusing on the progression of self-sustaining agri-tourism areas.

Meanwhile, Agriculture Inc. is involved in the production and distribution of fruit beverages, dried fruit snacks, processed fruit mix, frozen fruits and vegetables, dairy and rice products. (PNA)