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GREENERGY Holdings Inc., a company known for its renewable-energy projects, will venture into agri-tourism and information-technology (IT) services following the purchase of a minority stake in two companies.
In its disclosure to the Philippine Stock Exchange, Greenergy said it is buying 20 percent of Sunchamp Real Estate Development Corp., which owns tracts of land in Batangas. The company is also acquiring 25 percent of IT Group Inc.
Greenergy said Sunchamp is a company that develops Â€œself-sustainingÂ€ agri-tourism areas. It has rights to about 145 hectares in Rosario, Batangas. The purchase transaction is worth P55 million.
Sunchamp is owned by the Tiu family and is being headed by Greenergy President and Chief Executive Officer Antonio Tiu.
The IT Group, on the other hand, provides management consultancy, technology services and outsourcing services to organizations. Its services include enterprise resource planning, customer relationship management, enterprise collaboration, IT service management, enterprise infrastructure, and web design and development, among others.
The final terms are still being discussed as Greenergy is still conducting due diligence on IT Group.
Â€œThe investments in Sunchamp and IT Group are in line with the objective of the company to diversify its investment portfolio that currently includes renewable-energy and waste-management projects,Â€ Greenergy said in its disclosure. The IT Group holds office in Libis, Quezon City, and is headed by Cris Gamboa.
Greenergy controls 60 percent of Biomass Holdings Inc., which owns 64 percent of San Carlos Biopower Inc. The company is set to complete a 19-megawatt biomass power plant in the San Carlos Ecozone, Negros Occidental.
Greenergy also owns Winsun Green Ventures Inc., a venture to purchase or develop windmill energy projects, and half of Isabela Alcogas Inc.
The company reported a wider net loss during the first half of the year to P15.23 million from last yearÂ€™s P1.53-million loss as it still has to report sales from its ventures.