Greenergy Holdings ups Agrinurture stake to 30.26%

Greenergy Holdings Inc. has increased its stake in listed food producer Agrinurture Inc. after buying P114 million worth of shares in the open market as part of the business strategy diversifying its investment portfolio.

 

In a disclosure to the Philippine Stock Exchange Tuesday, Greenergy said it  bought 27 million worth of Agrinurture  secondary common shares at P4.21 per share for a total acquisition cost of P113,744,736.00 including taxes, fees and commission.

 

"We are consolidating profitable entities under Greenergy Holdings," CEO Antonio Tiu said in a text message to GMA News Online.

 

Greenergy and Agrinurture are both owned by the Tiu family.

 

The acquisition is equivalent to 4.34 percent of the total issued and outstanding shares of Agrinurture.

 

"After the transaction, Greenergy will have 30.26 percent of the total issued and outstanding shares of Agrinurture," the disclosure read.

 

On July 3, Greenergy bought 60,902,450 secondary common shares of Agrinurture – also in the open market – for P255 million or P4.19 per share, raising its stake in the food producer to 14.03 percent.

 

Apart from Agrinurture, Greenergy also raised its exposure in Sunchamp Real Estate Development Corp. to 62.39 percent, after buying 310 million primary common shares for P310 million.

 

Sunchamp is on developing self-sustaining agri-tourism areas, with real and enforceable rights over approximately 145 hectares of land in Rosario, Batangas.

 

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.

 

Greenergy was formerly MUSX Corp., a semiconductor firm renamed to reflect the its new business direction after Tiu acquired it in early 2012. – VS, GMA News