MANILA, Philippines — Greenergy Holdings Inc., a listed company led by businessman Antonio Tiu, has moved a step closer in its plan to build a smart city in Rizal as part of ongoing efforts to bring development to the countryside.
As part of the plan, Greenergy acquired Prime Media Holdings Inc. through a property-to-equity swap.
“Under the memorandum of agreement, properties in the province of Rizal will be invested, infused and contributed to Prime in exchange for primary common shares to be issued from the latter’s unissued authorized capital stock. The investment is subject to verification and validation by RYM of the titles and ownership rights of the landowners,” Greenergy said.
RYM Business Management Corp. is the parent company of Prime Media.
Prime Media, in a separate disclosure, said the proposed investment would require an increase in the firm’s authorized capital stock for the infusion of said assets.
It would also go through a due diligence audit on the assets that will be transferred to Prime Media and confirm valuation of the same in accordance with the valuation rules of the Securities and Exchange Commission.
The proposed transaction is also subject to the execution of definitive agreements, issuance of the appropriate approvals by the board of directors and stockholders of the companies, and compliance with the requirements of the Revised Corporation Code, the Securities Regulations Code and other applicable laws.
Greenergy earlier partnered with Korea-based TheBizlink Co. Ltd. for the same transport hub and mixed-use smart city project in Rizal.
However, this partnership did not push through because of TheBizlink’s failure to comply with its obligations within the prescribed period.
Thus, Greenergy’s acquisition of Prime Media is intended to complete the project by accommodating the entry of a new foreign investor after the increase in the firm’s authorized capital stock.
Last April, Greenergy also partnered with a Chinese multinational company for the distribution of solar-powered products in the Philippines.
It signed an international distributorship agreement with Hanergy Thin Film Power Asia Pacific Ltd.
The Beijing-headquartered company is engaged in the business of manufacturing and selling solar-powered related products. It is touted as the world’s largest thin-film solar company.
Hanergy appointed Greenergy as its distributor in the Philippines for the promotion and sale of all Hanergy solar products including the new and innovative Film Flat Solar tile.