LISTED A Brown Co., Inc. (ABCI) announced changes to the name and primary purpose of one of its subsidiaries.
ABCI’s subsidiary, formerly known as Palm Thermal Consolidated Holdings Corp., has been renamed to ABC Energy, Inc., according to a stock exchange disclosure issued by the company on Thursday.
“The corporate name change to ABC Energy Inc. will improve the company’s image as an energy holding entity, aligning with its future role in owning and managing energy-related investments within the A Brown Group,” it said.
ABC Energy’s primary purpose was also amended as it is now engaged in the business of “a holding company to hold shares for energy-related investments.”
Palm Thermal is the corporate vehicle for ABCI’s entry in the power generation business, according to ABCI’s 2023 annual report.
Prior to the amendments, the primary purpose of Palm Thermal was to “purchase, acquire, own, hold, lease, sell and convey properties of every kind and description, including land, buildings, factories and warehouses and machinery, equipment, the goodwill, shares of stock, equity, rights, and property of any person, firm, association, or corporation and other personal properties…”
ABCI is a Mindanao-based company that has interests in sectors such as property, power generation, public utilities, and agribusiness.
Some of its power generation subsidiaries include Palm Concepcion Power Corp., which operates a coal-fired power plant in Iloilo, and Peakpower Energy, Inc., which is engaged in bunker-fired power projects.
ABCI’s Vires Energy Corp. is also developing a 450-megawatt liquefied natural gas power project in Simlong, Batangas City while Northmin Renewables Corp. is involved in the Misor Wind Power and Bukidnon Wind Power projects.
On Thursday, ABCI stocks dropped by 1.67% or one centavo to 59 centavos apiece. — Revin Mikhael D. Ochave
