Basic Energy Corp. has partnered with Thailand’s Vintage Engineering Public Co. Ltd. to pursue the exploration, development, and production of renewable energy resources in the Philippines and abroad.
In a disclosure to the Philippine Stock Exchange on Thursday, Basic Energy said a memorandum of agreement (MOA) with Vintage Engineering was signed on October 5.
Vintage Engineering is buying 9 percent or 435.658 million shares of Basic Energy’s outstanding capital stock for P139.41 million.
The subscription is divided into two tranches, with the first tranche payable on December 31, 2016, the second tranche on or before March 31, 2017.
Vintage Engineering may increase up to 25 percent its holdings in Basic Energy. The Thai firm has the right to invest in Basic Energy projects.
Basic Energy has interests in various fields of renewable energy and alternative fuels, oil and gas exploration and development.
Vintage Engineering is a construction and engineering firm which operates a coal mine and raw materials supply business.
Source: http://www.gmanetwork.com/news/story/584079/money/basic-energy-partners-with-thailand-s-vintage-engineering
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