CREC ownership simplified through share transfer

Citicore Power, Inc. (CPI) is simplifying its stake in Citicore Renewable Energy Corp. (CREC) by transferring its shares directly to its main shareholders, allowing the company’s leaders to maintain control while keeping ongoing projects and operations on track.

In a report on Monday, CPI said its 5.58 billion CREC shares will be split between Citicore Holding Investments, Inc. (CHII) and Purple Seed Capital Holding, Inc. (PSCHI), which own 80 percent and 20 percent of CPI.

After the distribution, CHII, led by CREC Chairman Edgar Saavedra, will hold 4.47 billion shares or about 40.03 percent, while PSCHI, headed by CREC President and CEO Oliver Tan, will own 1.12 billion shares, which are about 10.01 percent.

“This will still maintain majority and management control. This will ensure continuity in governance, leadership, and strategic oversight over CREC,” said Tan.

He added that the move will not affect CREC’s ongoing projects or obligations under existing loans.

“We remain fully aligned in our strategic direction and fully committed to sustaining CREC’s momentum in the renewable energy sector. This initiative strengthens our shareholders’ ability to support CREC’s continued expansion, while preserving stability and transparency across our operations,” Tan said.

The dividend will take effect once all required approvals are secured.

CREC, a pure renewable energy developer and operator of solar, run-of-river  hydro, and off-shore wind energy platforms has over 5 gigawatts of project pipelines in varying stages of development.