MANILA – Renewables company Basic Energy said Thursday it has partnered with Thailand’s Vintage engineering for projects here and abroad.
Vintage Engineering will buy 9 percent of Basic Energy for P139.4 million, with the option to increase its shareholdings to 25 percent, the Filipino firm told the stock exchange.
Basic Energy shares jumped 6.51 percent to P0.229 after the transaction was announced.
Vintage Engineering is engaged in construction and engineering and runs a coal mine and raw materials business. It has been trying to turn around its loss-making business by expanding in Japan, Myanmar and other Southeast Asian countries.
Basic Energy has also partnered with Malaysia’s Petrosolve and Indonesia’s Grandway Group.
Source: http://news.abs-cbn.com/business/10/06/16/basic-energy-partners-with-thailands-vintage-engineering
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