Greenergy enters subscription agreement with Ocean Biochemistry

GREENERGY Holdings, Inc. has entered into a subscription agreement with Ocean Biochemistry Technology Research, Inc. (OBTRI).

In a regulatory filing on Wednesday, the Antonio L. Tiu-led firm said it had forged a subscription agreement with OBTRI for the issuance of 37,500 OBTRI common shares. The transaction is valued at P3.75 million, with a par value of P100 per share.

According to the disclosure, 51% of OBTRI is owned by M2000 Imex Co. Inc., a wholly owned subsidiary of listed agricultural firm AgriNurture, Inc., prior to the subscription of Greenergy.

Greenergy has paid 25% of the subscription price upon the execution of the agreement, while the balance will be paid upon the call of OBTRI’s board of directors.

“Upon issuance of the shares, the company shall hold 60% of the total issued and outstanding shares of OBTRI,” the disclosure said.

The disclosure said OBTRI is a domestic firm that has business interests in manufacturing and trading.

“Upon compliance with the relevant regulatory requirements, it intends to engage in manufacturing and trading of pharmaceutical, nutraceutical and alternative medicine and will secure a registration with the Food and Drug Administration (FDA),” the disclosure said.

On Jan. 26, Greenergy disclosed that it had signed an agreement with Information Technology Business Solutions Corp. (ITBS) that will integrate the electronic platforms of the two companies.

Greenergy’s e-Pitaka platform will be incorporated with ITBS’s Know Your Citizen platform that is used by various local government units.

Meanwhile, the Philippine Stock Exchange, Inc. recently announced that AgriNurture was one of the new members of the industrial sector index at the local stock market after conducting its regular stock performance review for the January to December 2020 period.

On Wednesday, Greenergy shares dropped 1.94% or eight centavos to finish at P4.04 each while AgriNurture stocks fell 0.83% or six centavos to end at P7.20 apiece. — Revin Mikhael D. Ochave

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