MANILA, Philippines - Businessman Antonio Tiu, who owns listed fruits and vegetables exporter AgriNurture Inc., plans to list his holding firm Earthright Holdings Inc. on the Australian Securities Exchange this year.
Aside from AgriNurture, Tiu also owns listed renewable energy firm Greenergy Holdings Inc.
“Earthright will be at the ASX this year,” Tiu said.
Earthright will own 26.49 percent of Greenergy after subscribing to 25 billion shares worth P250 million via a private placement.
Upon completion of the transaction, Greenergy’s public ownership will decrease from 93 percent to 69 percent.
To facilitate the issuance of shares to Earthright, Greenergy will raise its authorized capital from P1 billion to P2 billion. The company will also issue 1 billion warrants to Tiu at P0.001 per warrant.
Proceeds from the private placement will be used for general corporate purposes as well as augment the funding requirements of its operations and various projects, including possible acquisition of biomass plant/s and investments in renewable energy projects.
To build its power portfolio, Greenergy is planning to acquire Taiwan-based biomass management firm Grateful Strategic Marketing Consultants Co. (GSMC).
GSMC, which operates two biomass plants in Taiwan, is led by general manager Chung Ming Yang, who is also a director in AgriNurture.
Greenergy, formerly known as MUSX Corp., has been on the lookout for opportunities in the renewable energy sector. It acquired in June last year a 51-percent stake in biomass firm Management Recovery System Inc. Two months later, it signed agreements with China’s Tianjin Tianbao Investment and Development Corp. to establish a partnership that will invest at least $1.3 billion to build 1,000 megawatts of wind energy projects in 10 years.