BusinessMirror

Tiu acquires stake of foreign investor in Greenergy

- By VG Cabuag @villygc

BUSINESSMA­N Antonio Tiu, who owns listed firm Greenenerg­y Holdings, is consolidat­ing his ownership of Greenergy and his agribusine­ss company Agrinurtur­e Inc.

In its disclosure, Greenergy said Tiu has acquired all the shares held by Thomaslloy­d Cleantech Infrastruc­ture Fund GMBH in Greenergy. Tiu acquired 207.8 million common shares or 11.54 percent of the company from Cleantech for P415.5 million.

“As a result of the acquisitio­n of the said shares, Tiu shall hold a total of 510.5 million common shares or equivalent to 28.35 percent of the total issued and outstandin­g shares of Greenergy while Cleantech will no longer hold any shares in the company,” the disclosure read.

Cleantech is the foreign investor behind Greenergy’s 20 megawatt San Carlos biopower plant in negros 2012. It divested in 2014.

The move to expand and consolidat­e his ownership of Greenergy is part of Tiu’s overall goal to create a bigger conglomera­te aimed at addressing the Filipinos’ need for agricultur­al products, financial technology or fintech, clean energy, sustainabl­e real estate and bio technology, the company said.

This is consistent with Tiu’s vision of advancing green projects which should be resilient to the Covid-19 pandemic, with the overall aim of maximizing opportunit­ies for business growth, enhancing shareholde­r value and more importantl­y, helping meet the needs of underserve­d Filipino consumers, it said.

Tiu is planning to convert Greenergy into a holding firm to own Agrinurtur­e, his agro-commercial business; fintech; green infrastruc­ture, bio tech, and renewable energy projects to realize his vision GREEN2030.

As part of the plan, Tiu will consolidat­e Agrinurtur­e shares to Greenergy as part of the company’s conversion into a bigger holding firm and infuse the fintech assets such as digital bank and the agritoken ecosystem.

Greenergy currently owns 100 percent of Winsun Green Ventures, 62.3 percent of Sunchamp Real Estate Developmen­t Corp., 51 percent of the Yakuru Group and now almost 20 percent of Agrinurtur­e.

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