Greenergy Holdings Inc. said Thursday it plans to build a logistics center and a food terminal on a three-hectare property in Aplaya, Batangas City.
Greenergy said in a disclosure to the stock exchange it signed an agreement with Ala Eh Knit Inc. (Ala Eh), an affiliate of Abacore Capital Holdings Inc., to develop a food terminal that would engage in manufacturing, trading, storage and logistics requirements of the agriculture sector.
Under the memorandum of agreement, Ala Eh will increase its authorized capital stock to P1.5 billion, change its corporate name and primary purpose to allow it to engage in the business of operating, managing, leasing and developing the logistics center and food terminal complex.
Greenergy will then subscribe to 60 percent of the unissued capital stock of Ala Eh, equivalent to P900 million.
The shareholders of Ala Eh will also infuse the Batangas property into the company in exchange for a 40-percent stake in the company.
The development of the food terminal project will be operated and managed by Greenergy upon compliance with the terms and conditions in the MOA and the subscription agreement.
It said the food terminal would include cold and dry storage facilities and agri-processing facilities.
Greenergy, owned by businessman Antonio Tiu, has investments in real estate, agri-tourism, renewable energy, information technology and agriculture, specifically in the cultivation, production and trading of agricultural products locally and globally.
Greenergy said earlier it would acquire a majority stake in U-Pay Digital Technologies Inc., a financial technology subsidiary of ABS-CBN Corp. for P54 million.
Greenergy was also looking to team up with Singaporean payment company Aleta Planet to venture into virtual credit cards in the Philippines and cross-border money remittance services.
The acquisition forms part of Greenergy’s pivot towards digital transformation.
Share price of Greenergy rose 1.9 percent Thursday to P3.80.