Businessman Antonio Tiu folds agri-tourism, IT firms into Greenergy Holdings

Businessman Antonio Tiu is folding two companies – one in property and another in information technology - under listed Greenergy Holdings Inc. to diversify its investment portfolio before the year is out.

"This is part of the integration of all assets under one firm," Tiu, Greenergy chief executive officer, told GMA News Online.

In a disclosure to the Philippine Stock Exchange on Thursday, Greenergy said it executed a subscription agreement for 20 percent of outstanding capital stock of Sunchamp Real Estate Development Corp. for P55 million.

Greenergy noted the subscription will come from Sunchamp's unissued authorized capital stock.

Sunchamp is a real estate developer focused on developing self-sustaining agri-tourism projects. It currently has real and enforceable rights over approximately 145 hectares of land in Rosario, Batangas.

Apart from encompassing the real estate business, Greenergy also executed a binding term sheet to buy 25 percent equity interest in IT Group Inc.

IT Group is in management consultancy, technology and outsourcing services.

"The investments in Sunchamp and IT Group are in line with the objective of the company to diversify its investment portfolio that currently includes renewable energy and waste management projects," the disclosure read.

The final terms and conditions of the foregoing investments shall be subject to the results of the due diligence to be conducted by the company.

Tiu said they are targeting to consolidate all assets before the year ends.

"We're just transferring the companies under Greenergy. We folded in the banking asset, now the agri-tourism and IT firms. Next is majority stake in AgriNurture Inc.," Tiu said.

Last August, Greenergy bought 40 percent of Agricultural Bank of the Philippines Inc.
 
In November 2012, Greenergy said it was cleared to invest in companies and acquire assets of Tiu - which include food and agriculture, banking and finance, real estate development and construction, renewable energy, technology, information technology and retail - making it a holding company.

Formerly MUSX Corp., a semiconductor company, it was renamed Greenergy to reflect the company’s new business direction after Tiu acquired it last year. – VS, GMA News