A Brown renames subsidiary to focus on green projects
By Alena Mae S. Flores – July 25, 2023, 6:50 pm
from manilastandard.net
A Brown Company Inc. said Tuesday it renamed subsidiary Hydro Link Projects Corp. to Northmin Renewables Corp. in line with the change in its preliminary purpose to invest in renewable energy projects.
A Brown said in a disclosure to the Philippine Stock Exchange it approved the amendments to HLPC’s articles of incorporation and changing the primary purpose to “to invest in renewable energy projects and all other energy related investments.”
The company also increased HLPC’s authorized capital to P100 million divided into one million common shares with a par value of P100 apiece.
A Brown said it would maintain 100-percent ownership of HLPC after the increase in authorized capital.
HLPC is a registered renewable energy developer with the Department of Energy and is supposed to be A Brown’s vehicle to pursue renewable energy projects.
The company remains on the lookout for opportunities at any stage of development from greenfield opportunities to acquisition of operating power projects.
A Brown serves as the holding company of the Brown Group of Companies. It is primarily engaged in the business of real estate development in Cagayan de Oro City and Initao in Misamis Oriental; Cainta, Rizal; and Valencia City, Bukidnon; and Butuan City, Agusan del Norte.
A Brown’s subsidiaries also ventured into oil palm nursery and seedlings distribution, palm oil milling, operation of hotels, real estate brokerage, power generation and investment in gold mining assets.
