Real estate firm formalizes ownership of Basic Energy

Basic Energy to acquire equity investments in Thai EPC contractors

Basic Energy Corporation on Wednesday formalized real estate firm MAP 2000 Development Corporation’s (M2DC) ownership of the power company.

In a disclosure to the Philippine Stock Exchange on Friday, Basic Energy said its board approved the signing of the company’s subscription agreement with M2DC. Under the deal, M2DC would subscribe to 9.83 billion primary shares of Basic Energy for Php2.8 billion, which translates to at least 67% of the company.

Basic Energy first disclosed the transaction in December 2020.

While it is not known who M2DC’s owners are, Basic Energy said that it is a Philippine-registered company engaged in real estate acquisition, development, and management, and as well as in investing in real properties and acquiring shares of stocks of viable corporations to exercise rights of a shareholder.

The company on Wednesday also elected former Bureau of Internal Revenue Commissioner Kim Henares as its new independent director replacing former Philippine National Oil Company President Eduardo Manalac.