Businessman Antonio L. Tiu is expanding his business empire despite the prolonged Covid-19 crisis.
Tiu has spent P445.5 billion to buy out a foreign investor in Greenergy Holdings Inc. as part of his plan to consolidate his ownership of the firm and his agro-business company AgriNurture, Inc. (ANI).
In a stock exchange filing on Wednesday, Greenergy said Tiu bought 207.8 million common shares or 11.54 percent of the company from Thomaslloyd Cleantech Infrastructure Fund GMBH (Cleantech) in Greenergy.
“As a result of the acquisition of the said shares, Tiu shall hold a total of 510.5 million common shares or equivalent to 28.35 percent of the total issued and outstanding shares of Greenergy while Cleantech will no longer hold any shares in the company,” the company said.
Cleantech is the foreign investor of Greenergy’s 20-megawatt San Carlos Biopower plant in Negros in 2012 but it divested in 2014.
Tiu is planning to create a bigger conglomerate to address the country’s need for agricultural products, financial technology, clean energy, sustainable real estate, and bio technology among others.
The business magnate earlier bared plans to convert Greenergy into a holding firm to own ANI to realize his #GREEN2030 vision.
He said the consolidation of ANI shares to Greenergy is part of the company’s conversion into a bigger holding firm and infuse the fintech assets such as digital bank and the agri-token ecosystem.
To date, Greenergy currently owns 100 percent of WinSun Green Ventures; 62.3 percent of Sunchamp Real Estate Development Corp; 51 percent of the Yakuru Group, and almost 20 percent of ANI.