LISTED Vivant Corp. said on Tuesday that the unit of its energy-related holding company Vivant Energy Corp. (VEC) has completed the transaction to divest from solar power provider Buskowitz Energy, Inc. (BEI)
VEC’s wholly owned subsidiary Vivant Renewable Energy Corp. (VREC) has complied with the post-closing requirements following the completion of the transaction documents for the sale of its equity stake in BEI, Vivant said in a stock exchange disclosure.
VREC divested its 32.26% stake, equivalent to 560,000 Common B shares, in BEI.
Aurora Sustainable Energy Pte. Ltd., a Singapore-based private limited company, acquired outstanding Common B shares, through the assignment by BEI of its rights to purchase VREC’s shares under the shareholders’ agreement.
“The transaction is aligned with Vivant Energy initiatives to focus on its core competencies as it concentrates on its investment initiatives on its retail energy supply (RES) and Small Power Utilities Group (SPUG) businesses,” the company said.
BEI has business interests in solar development, engineering, procurement, and construction. It offers solar power purchase agreements, leases and solar loans for companies and individuals to help their switch to renewable energy solutions.
Meanwhile, Vivant has investments in various companies engaged in electric power generation and distribution and retail electricity business. It recently entered the water industry arm, “with a diversified portfolio in the areas of bulk water supply, wastewater treatment and water distribution.”
At the local bourse on Tuesday, shares in the company closed unchanged at P18.80 each. — Sheldeen Joy Talavera
