Greenergy Holdings Inc. is raising its subscription in the capital shares of wholly-owned unit Winsun Green Ventures Inc. from P20 million to P500 million.
The new subscription will come from the proposed increase in the authorized capital stock of its wholly-owned renewable energy unit.
“The Increase is subject to the approval by the Securities and Exchange Commission,” the company said.
Greenergy said it will initially pay P185 million and settle the balance of P295 million within 60 days from subscription.
Greenergy chairman Martin C. Subido has also resigned from his post, citing personal reasons, effective immediately. Subido will remain company director and in his stead Edgardo G. Lacson, currently also board director, who was installed on Monday,
Investment banker Stephen Anthony T. CuUnjieng was elected independent director also on Monday to fill the vacancy created by Maylyn Z. Dy who resigned. CuUnjieng is independent director in various listed companies in the country.
Prior to Evercore, he held managing director or director level positions at Merrill Lynch, Salomon Brothers and Morgan Grenfell.CuUnjieng obtained his Bachelor of Arts degree and Juris Doctor from the Ateneo de Manila University, a Master of Business Administration in Finance from the Wharton School of Business of the University of Pennsylvania and a director of the school’s Executive Advisory Board for Asia and a member of the International Advisory Board of the New York Philharmonic.
“The election of CuUnjieng as independent director is subject to his acquisition of qualifying shares within five days from the date of his election,” the company said.
