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PERC sells 10% stake in subsidiary in PHP 206-Million deal with EEI

16 Jun

PetroEnergy Resources Corp. (PERC) has sold a minority stake in its renewable energy unit to a subsidiary of listed construction firm EEI Corporation (EEI) for PHP 206 million in a bid to raise capital for its ongoing power ventures.

PetroEnergy said that EEI Power Corp. acquired a 10% stake in PetroGreen Energy Corp. (PGEC), “thereby reducing PetroEnergy’s interest… to 90%.”

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The transaction involved the sale of 112,276,868 shares valued at PHP 1.835 apiece or a total consideration of PHP 206 million.

PetroEnergy holds a 2.525% interest in the Etame Marin block located in Gabon, Africa.

PetroEnergy is also involved in the exploration and development of petroleum resources.

The company has a 5.001% interest in Service Contract (SC) 6A; 4.137% in SC 14C2; and 15% in SC 75 — all located in waters northwest of Palawan.

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It also holds a 4.01% stake in SC 51 in waters east of Visayas; and 2% in SC 47 located offshore the province of Mindoro.

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Posted by on June 16, 2015 in Corporate News, PERC, Stock Market

 

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