Mining company Oriental Peninsula Resources Group. Inc is set to energy the power generation business through target investments in renewable energy.
Oriental Peninsula disclosed that it has received the approval from its shareholders’ to amend the primary purpose of its Articles of Incorporation from being a holding company for mining entities/activities into a general holding company.
“The amendment expressly widens the parameters which govern the kinds of businesses and activities which the corporation may engage in, not just limiting its holdings and investments in entities engaged in mining or mining-related activities,” the company said.
With this, the firm will be allowed to own and invest entities involved in various fields and industries such as power generation.
The company is seeking stockholders’ to allow them to engage in power generation through amending the secondary purpose of its Articles of Incorporation.
In specifics, it seeks to get clearance to “invest or engage in the exploration, development, utilization and commercialization of renewable energy resources, such as biomass, solar, wind, hydropower, geothermal and ocean energy resources, including the application of hybrid systems and other emerging renewable energy technologies for the generation, transmission, distribution, sale and use of electricity and fuel generation.”
Oriental Peninsula Resources is a holding company intended to primarily to consolidate and operate companies that own mining tenements located in the Philippines.
PHOTO FROM FORBES
