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Basic takes over Phinma Energy stake in Batangas geothermal service contract

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BASIC Energy Corp. said Friday that Phinma Energy Corp. has assigned to it “its entire and undivided” 25% stake in a geothermal service contract in Batangas province.

In a disclosure to the stock exchange, the listed company said the two had signed a deed of assignment in which Phinma Energy assigned its rights, interests, privileges, duties and obligations to the Mabini Geothermal Service Contract (GSC No. 8) because of the latter’s withdrawal from their joint operating agreement, which took effect on Aug. 21, 2018.

The deed of assignment transfers back to Basic Energy all of Phinma Energy’s participating interest in the service contract. It is subject to the approval of the Department of Energy.

Separately, Basic Energy told the stock exchange that its board during its regular meeting on Thursday, July 25, unanimously approved three corporate actions.

First, the board of directors approved a move to reschedule the company’s annual shareholder meeting to Oct. 23 from Aug. 28.

Basic Energy said the delay would enable it to secure the proxies necessary for the approval of the proposed increased in the authorized capital stock to P5 billion from P2.5 billion, or to 20 billion shares, with a par value of P0.25 per share, from 10 billion shares previously.

Also approved were proposed amendments to the articles of incorporation of Basic Diversified Industrial Holdings Corp. and the by-laws of Basic Renewables Corp. and Basic Biofuel Corp. by amending the principal address.

The board also cleared the proposed amendments in the by-laws of Basic Diversified Industrial Holdings Corp., Basic Geothermal Corp., iBasic Corp. and Southwest Resources Corp. by deleting the profit sharing provisions in the by-laws of the said companies.

On Friday, Basic Energy was unchanged at P0.27. — Victor V. Saulon





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