Publicly-listed A Brown Co. Inc. has partnered with Global Electric Transport Philippines Inc. (GET) in the joint venture ABC Electric Shuttle Service which will manage a modern and green mass transport system in Cagayan de Oro City.
GET, known for developing fully-electric microbuses already deployed in key cities of the country and for the app initially conceived as a fare and ticketing system but has since expanded into payments and personal management, will set up the joint venture that will own an initial 10 so-called COMET electric vehicles.
COMET stands for community optimized managed electric transports that uses fast-charging lithium ion batteries.
GET Philippines will own 100 percent of the outstanding capital stock of ABC Electric Shuttle Service and will then assign 22.5 million shares of the 45 million shares of the joint venture to its partner A. Brown.
In this manner, A. Brown pays GET Philippines P22.5 million for shares in the joint venture equal to 50 percent of the company, the listed firm said in a regulatory filing.
