Businessman Antonio Tiu has slashed his stake in Greenergy Holdings by nearly 21 percent following the subscription by MIS Maritime Corporation of P187.5 million worth of shares.
Earthright Holdings, in which Tiu holds a controlling stake, transferred all its rights and interest in 750 million partially paid Greenergy common shares to MIS Maritime.
Under the agreement, MIS Maritime will assume responsibility for the remaining unpaid subscription of Earthright.
As a result of this share assignment, Tiu’s shareholdings in Greenergy will decrease from 60 percent to 38.16 percent, while MIS Maritime will hold 20.83 percent of the total issued and outstanding shares of Greenergy.
Greenergy confirmed that the transfer of shares will be recorded in its books once it receives the corresponding certificate authorizing registration from the Bureau of Internal Revenue.
