EEI has pump by as much as 90% in 6 trading days, Sale of Assets Disclosed
A recent disclosure from EEI has confirmed the reason why its prices keep moving up from the last 6 trading days of the market.
PetroEnergy said it is acquiring EEI Power’s common shares in PetroGreen Energy Corp., PetroSolar Corp., and PetroWind Energy, Inc.
EEI will use the proceeds of sale to dept payments and additional construction business.
“The transaction will monetize EPC’s (EEI Power) assets and the proceeds will be used to reduce EEI’s debt obligations and provide working capital as EEI gears up for additional construction business in the Philippines and abroad, further strengthening its balance sheet,”
Below are the details of the share purchase agreement with PERC:
EEI Power signs Share Purchase Agreement with PetroEnergy Resources Corporation
EEI Power Corporation (“EPC”), a wholly owned subsidiary of EEI Corporation, signed a Share Purchase Agreement with PetroEnergy Resources Corporation (“PERC”) for the sale of all of EPC’s interest in PetroWind Energy Inc. (“PWEI”) amounting to 2,865,408 common shares or 20% of the total number of shares in PWEI.
PGEC is a joint venture corporation established between EPC, a wholly owned subsidiary of EEI Corporation, and PERC. PWEI and PSC are subsidiaries of PGEC. After fulfillment of all conditions for the sale, EPC will no longer have any interest in PGEC, PWEI and PSC.
| Number of shares to be acquired or disposed | 2,865,408 |
| Percentage to the total outstanding shares of the company subject of the transaction | 20 |
| Price per share | 227.38 |
| Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
| PetroEnergy Resources Corporation | House of Investments is the single largest majority shareholder of PERC, who is also the majority shareholder of EEI Corporation, the parent of EEI Power Corporation. PERC is the parent of PetroGreen Energy Corporation, which holds 60% interest in PWEI. |
EEI price started to shoot up from 2.77 to 5.28 and yesterday closing although profit taking ensued was still up by 10.45%
Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=6429dffd8f3f33d79e4dc6f6c9b65995