MANILA, July 28 (PNA) – Greenergy Holdings Incorporated (GHI), along with IT Group Inc. and Fab People Inc, has signed the incorporation documents of Lite Speed Technologies Inc, a proposed venture corporation between the three companies.
Based on a disclosure from the Philippine Stock Exchange (PSE) on Monday, GHI has executed the joint venture corporation on July 25, which will be owned by GHI at 51 percent.
Moreover, Lite Speed Tech Inc will be owned by IT Group through its 24 percent stake while Fab People will hold 25 percent of the company.
Specifically, IT Group Inc will utilize its technical expertise on the joint venture, while Fab People Inc will address the marketing requirements of Lite Speed .
GHI has cited that Lite Speed will strengthen the diversification of its investment portfolio.
However, GHI has not stated what type of business Lite Speed Technologies Inc will be involved in.
Earlier, GHI has purchased 27 million shares from Agrinurture Inc, amounting to PhP 113,744,736 million.
Greenergy Holdings Incorporated is engaged in the business of semiconductors, energy, real estate development and food. (PNA)