PETROENERGY Resources Corp. said on Wednesday that Kyuden International Corp. (KIC) has completed the initial closing requirements for its acquisition of a 25% stake in PetroGreen Energy Corp.
In a stock exchange disclosure, PetroEnergy said that KIC, a subsidiary of Japan’s Kyushu Electric Power Co., Inc., signed a shareholder’s agreement to acquire the PetroGreen stake.
In a separate disclosure on Wednesday, EEI Corp. said its subsidiary EEI Power Corp’s 10% interest in PetroGreen will be reduced to 7.5% upon the completion of KIC and PetroGreen’s transaction.
In September, PetroEnergy said the divestment of shares from its renewable energy arm prescribes the issuance of primary shares “in favor of KIC equal to 25% equity stake in PetroGreen upon completion of the conditions precedent.”
KIC is the overseas investment arm of Kyushu Electric, the power provider and distributor in Kyushu island in Japan. Kyushu Electric operates 18.32 gigawatts of power facilities using thermal, geothermal, hydro, and nuclear with 154,434 kilometers of high and low-voltage transmission systems. — Ashley Erika O. Jose