ANTONIO L. Tiu-led Greenergy Holdings, Inc. has approved the incorporation of two wholly-owned units focusing on projects and services related to infrastructure and community development, the listed firm said on Monday.
In a regulatory filing, Greenergy said that its board of directors, who met over the weekend, had authorized the incorporation of wholly owned subsidiaries, namely: Green Tunnel Boring Corp. and Green Communities Development Corp.
Green Tunnel will engage in services with infrastructure developers and local government units, while Green Communities will undertake “transient oriented” community development projects.
The firm did not give further details about its new subsidiaries in its disclosure.
Earlier, the company said that it had discontinued its partnership with RYM Business Management Corp. and some land owners due to the impact of the global health emergency, and the prolonged community quarantine’s effect on real estate property businesses.
Last September, Greenergy ventured into the production of medical cannabis, as it built a new Australian subsidiary with US firm Yakuru — a cannabidiol distributor.
Greenergy is a holding company with interests in renewable energy, agriculture, and real estate development, among others. Some of its subsidiaries are Sunchamp Real Estate Development Corp.; Total Waste Management Recovery System, Inc.; and AgriNurture Development Holdings, Inc.
The listed firm posted a P7.33-million attributable net loss in the third quarter, 21.8% lower than P9.37 million in the same period last year.
Shares in Greenergy improved 13.36% to close at P3.14 apiece on Monday. — Angelica Y. Yang