The Filoil group of young businessman Rafael Villavicencio is expanding into power generation with its P2.8 billion takeover of publicly-listed Basic Energy Corp.
Filoil Gas and Energy Co., one of the leading independent petroleum retailers in the country, has used its parent, MAP 2000 Development Corp. (M2DC), in buying 67 percent of Basic Energy with the purchase of 9.827 billion shares at 28.5 centavos per share as part of the listed firm’s increase in authorized capital stock from P2.5 billion to P5 billion.
“M2DC believes that the Company is a perfect vehicle for its investment in the energy sector,” said Basic Energy in its disclosure.
Basic Energy will use Filoil’s cash infusion to bankroll its 20 percent stake in the development of Iriga geothermal project operated by DESCO, Inc.; and 15 percent stake for a 220-megawatt solar power project in Myanmar operated by Thai firms, Vintage EPC Company and VTE International Construction Company (it has an application for a 50-megawatt wind power plant).
Read more from Bilyonaryo: https://bilyonaryo.com.ph/2021/01/17/filoil-group-levels-up-in-power-industry-rafael-villavicencio-partners-with-buddy-carey-de-venecia-in-p2-8b-backdoor-listing-of-basic-energy/
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