GREENERGY Holdings, Inc. is set to construct a logistics and food terminal complex in a three-hectare property at Aplaya, Batangas City that would enable the distribution of farm produce to local and world markets.
The listed firm disclosed in a regulatory filing on Thursday that it signed a memorandum of agreement with Ala Eh Knit, Inc., an affiliate of Greenergy and listed AbaCore Capital Holdings, Inc,. for the establishment and operation of the logistics and food terminal complex.
The complex will house cold and dry storage facilities, agri-processing facilities, and other infrastructure needed for marketing and procurement activities.
Greenergy said that under the agreement, Ala Eh is set to amend its authorized capital stock to P1.5 billion; revise its primary purpose to allow it to enter in the business of operating, managing, leasing and developing the complex; and change its corporate name.
Under the signed memorandum of agreement, existing Ala Eh shareholders agreed to infuse the three-hectare property into Ala Eh in exchange for a number of shares equivalent to 40% of the company’s total outstanding capital stock.
Meanwhile, Greenergy agreed to subscribe to shares equivalent to 60% of the total outstanding capital stock of Ala Eh. The move allows Greenergy to acquire majority ownership of Ala Eh.
In a separate stock exchange disclosure, AbaCore said the location of the food terminal project is contiguous to the P6.5-billion property of Libertad Logistics Integrated Zone Builders Development Corp.
Previously, AbaCore announced that its board of directors authorized the purchase of Libertad via a merger or consolidated under a tax-free exchange that follows the National Internal Revenue Code.
According to the disclosure, Greenergy will manage and operate the logistics and food terminal complex once the terms and conditions under the memorandum of agreement and subscription agreement are met.
Greenergy is a listed company that has business interests in agriculture, real estate, agriculture tourism, renewable energy, and information technology.
Meanwhile, AbaCore has controlling interests in firms involved in financial services, real estate, gold mining, and coal mining.
On Thursday, shares of Greenergy at the stock exchange rose 1.88% or seven centavos to close at P3.80 each, while stocks of AbaCore increased 10% or eleven centavos to finish at P1.21 apiece. — Revin Mikhael D. Ochave