Greenergy board approves creation of 2 subsidiaries

By VG Cabuag – January 26, 2021
from Business Mirror

Greenergy Holdings Inc., a company led by businessman Antonio Tiu, on Monday said its board has approved the creation of two firms, which will become its corporate vehicle for its infrastructure ventures.

“The first subsidiary, which will have the corporate name ‘Green Tunnel Boring Corp.,’ will undertake services with various infrastructure developers or local government units,” the company said in its disclosure.

“The second subsidiary, which will have the corporate name ‘Green Communities Development Corp.,’ will undertake transient-oriented community development projects.”

Greenergy earlier gave its unsolicited proposal to Manila City government to build a modern tramway system within the country’s capital.

The company will be the vehicle used for the financing, development, implementation and operation of a modern tramway system within the city.

Tiu, through Philippine Infradev Holdings Inc., will also build a $3.5-billion subway in Makati.

Philippine Infradev, formerly IRC Properties Inc., is also being headed by Tiu.

Tiu earlier said these railway systems can be interconnected in the future to create a complete railway system that connects the main cities of Metro Manila.

The proposed subway would connect key points in Makati like the current Central Business District at the corner of Ayala and Sen. Gil Puyat Avenues, Circuit City, Makati City Hall, University of Makati, Ospital ng Makati and other new growth areas within the city.

The subway will have up to 10 air-conditioned, underground island stations. It can accommodate up to six car trains, with room for over 200 persons per car, with more than 700,000 passengers per day to be accommodated and served by the proposed mass transport system.