Tiu-led Greenergy Holdings enters subscription agreement with Ocean Biochemistry Technology

GREENERGY Holdings, Inc. has entered into a subscription agreement with Ocean Biochemistry Technology Research, Inc. (OBTRI).

In a regulatory filing on Wednesday, the Antonio L. Tiu-led firm said it had forged a subscription agreement with OBTRI for the issuance of 37,500 OBTRI common shares. The transaction is valued at P3.75 million, with a par value of P100 per share.

According to the disclosure, 51% of OBTRI is owned by M2000 Imex

Co. Inc., a wholly owned subsidiary of listed agricultural firm AgriNurture, Inc., prior to the subscription of Greenergy.

Greenergy has paid 25% of the subscription price upon the execution of the agreement, while the balance will be paid upon the call of OBTRI’s board of directors.

“Upon issuance of the shares, the company shall hold 60% of the total issued and outstanding shares of OBTRI,” the disclosure said. —