Businessman Antonio Tiu, who owns listed firm Greenenergy Holdings, is consolidating his ownership of Greenergy and his agribusiness company AgriNurture Inc.
In its disclosure, Greenergy said Tiu has acquired all the shares held by Thomaslloyd Cleantech Infrastructure Fund GMBH in Greenergy. Tiu acquired 207.8 million common shares or 11.54 percent of the company from Cleantech for P415.5 million.
“As a result of the acquisition of the said shares, Tiu shall hold a total of 510.5 million common shares or equivalent to 28.35 percent of the total issued and outstanding shares of Greenergy while Cleantech will no longer hold any shares in the company,” the disclosure read.
Cleantech is the foreign investor behind Greenergy’s 20 megawatt San Carlos biopower plant in Negros 2012. It divested in 2014.
The move to expand and consolidate his ownership of Greenergy is part of Tiu’s overall goal to create a bigger conglomerate aimed at addressing the Filipinos’ need for agricultural products, financial technology or fintech, clean energy, sustainable real estate and bio technology, the company said.
This is consistent with Tiu’s vision of advancing green projects which should be resilient to the Covid-19 pandemic, with the overall aim of maximizing opportunities for business growth, enhancing shareholder value and more importantly, helping meet the needs of underserved Filipino consumers, it said.
Tiu is planning to convert Greenergy into a holding firm to own AgriNurture, his agro-commercial business; fintech; green infrastructure, bio tech, and renewable energy projects to realize his vision GREEN2030.
As part of the plan, Tiu will consolidate AgriNurture shares to Greenergy as part of the company’s conversion into a bigger holding firm and infuse the fintech assets such as digital bank and the agri-token ecosystem.
Greenergy currently owns 100 percent of WinSun Green Ventures, 62.3 percent of Sunchamp Real Estate Development Corp., 51 percent of the Yakuru Group and now almost 20 percent of AgriNurture.
Winsun is a developer of green energy projects and distributor of solar panels while Sunchamp is a real estate developer focused on developing self-sustaining agri-tourism projects. It currently has rights over approximately 145 hectares of land in Rosario, Batangas.
The Yakuru Group is an Australian health and wellness company that is engaged in the medical cannabis business. Its cannabidiol oil has secured regulatory approval in Australia and is currently selling direct to consumers in Australia and nearby countries.
Greenergy is considering the acquisition of businesses involved in food and agriculture, fin tech, bio tech, transient oriented real estate development, renewable energy, information technology and e-commerce.