Greenergy Holdings Inc. is investing an additional P480 million into wholly-owned subsidiary Winsun Green Ventures Inc. (WGVI) to strengthen its position in renewable energy (RE) and sustainable community projects.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said its Board of Directors has approved the subscription by Greenergy to 480 million shares out of the increase in the authorized capital stock of WGVI.
WGVI is raising its capital stock from P20 million divided into 20 million shares to P500 million divided into 500 million shares, with a par value of P1 per share.
Greenergy will make an initial payment of P185 million upon subscription with the balance of P295 million to be paid within 60 calendar days from subscription or until Nov. 17, 2023.
The increase is subject to the approval by the Securities and Exchange Commission (SEC).
WGVI is engaged in the development and investment in energy projects including, but not limited to, the exploration, development and utilization of RE resources, importation, exportation and actual operations of RE systems and facilities within or without the Philippines.
It is also into the promotion, offering, negotiation, conclusion, execution, selling, engaging in and/or render management, investment, technical consultancy services for commercial, industrial, manufacturing and other kinds of enterprises, including but not limited to power generating plants, whether locally or abroad.
Meanwhile, Greenergy announced the immediate replacement of its Chairman Atty. Martin C. Subido by Edgardo G. Lacson as well as the appointment of investment banker Stephen Anthony T. CuUnjieng as independent director.
The firm said Subido resigned due to personal reasons but he will remain as director of Greenergy. CuUnjieng fills the vacancy created by the resignation of Maylyn Z. Dy.
CuUnjieng is currently an independent director in various publicly-listed companies in the Philippines. He has an over 30-year career in investment banking including serving as the Chairman of Evercore Asia Ltd. and as a Senior Managing Director of a New York-based firm.
Prior to serving as Chairman of Evercore Asia Ltd., he was also the Vice Chairman - ASEAN for Macquarie Capital Asia and a Senior Managing Director of the said company. He also held Managing Director or Director level positions at Merrill Lynch, Salomon Brothers and Morgan Grenfell.
CuUnjieng obtained his Bachelor of Arts degree and Juris Doctor from the Ateneo de Manila University. He also holds a Master of Business Administration in Finance from the Wharton School of Business of the University of Pennsylvania and is a Director of the School’s Executive Advisory Board for Asia.
He is also a member of the International Advisory Board of the New York Philharmonic.