Vivant units to buy shares from JV firm

By Lenie Lectura -November 29, 2019
from Business Mirror

Vivant Corp.’s two subsidiaries are buying more shares in ET-Vivant Solar Corp., the listed firm told the exchange on Thursday.

The company said Vivant Energy Corp. (Vivant Energy) executed a deed of sale with assignment of subscription rights with ET Energy Pilipinas Holding Corp. for the latter to sell the 8,858,484 paid-up preferred shares, and to assign its rights over the 9,141,516 subscribed but unpaid preferred shares of ETEPHC in ET-Vivant Solar Corp.

In addition, Vivant Renewable Energy Corp. executed a deed of sale with assignment of subscription Rights with ETEPHC to sell to VREC the 984,276 paid-up common shares, and to assign its rights over the 1,015,724 subscribed but unpaid common shares of ETEPHC in ET-Vivant Solar.

“We have not acquired ETEPHC. We purchased ETEPHC’s shares in a previous joint venture, ET-Vivant,” said Vivant Assistant Vice President for Corporate Communications Shem Jose Garcia.

The transaction will result in Vivant Energy and VREC collectively owning 99.99 percent of ET-Vivant Solar. The remaining shares are shares held by members of the Board of Directors.

“The main reason for this is that we are currently working on a new brand that consolidates all our business-to-business customer-facing energy solutions.

The brand is launching next year. So, it’s not too early to give all the details, but the purchase of remaining shares of ET-Vivant was to have complete control over our rooftop solar offering, which will be just one of the services offered,” said Garcia.

ET-Vivant Chief Operating Officer Mark Habana added that the acquisition would help improve Vivant Energy’s renewable-energy portfolio. “ETEPHC was our partner in a joint venture to develop rooftop solar projects. We acquired shares of the joint-venture company,” he explained.