A Brown consolidates energy assets under ABCEI – BusinessWorld Online
LISTED holding company A Brown Co., Inc. (ABCI) is consolidating its energy assets under its wholly owned subsidiary ABC Energy, Inc. (ABCEI), the group’s energy holding firm.
In a regulatory filing on Wednesday, ABCI said its board of directors had approved the transfer of its wholly owned subsidiary Northmin Renewables Corp. (NRC) and its 20% equity interest in Peakpower Energy, Inc. (PEI) to ABCEI.
“The restructuring consolidates these energy-related assets under ABCEI, streamlining management oversight, sharpening operational focus, and strengthening the group’s platform for future growth in the energy sector,” the company said.
ABCI said the transaction will have no financial impact on the group since it is between the parent company and a wholly owned subsidiary.
NRC focuses on renewable energy projects in Northern Mindanao, with pre-development activities for a wind power project currently underway. PEI, meanwhile, develops diesel- and bunker-fired power plants designed to provide peaking capacity for various electric cooperatives in Mindanao.
In July, ABCEI’s board approved the sale of its 20% equity stake in Palm Concepcion Power Corp. (PCPC) to give the A Brown Group additional capital to support its strategic objectives.
PCPC operates a coal-fired power plant on Panay Island.
Based in Mindanao, ABCI has interests in property development, power generation, public utilities, and agribusiness.
Shares in ABCI closed unchanged at P0.72 apiece on Wednesday. — Sheldeen Joy Talavera
