Citicore streamlines shareholder ownership

Citicore Power Inc. (CPI) is distributing shares of solar energy developer Citicore Renewable Energy Corp. (CREC) to its shareholders Edgar Saavedra and Oliver Tan to consolidate their direct interest in the publicly listed CREC.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), CREC said CPI declared its stake in CREC as property dividends in favor of Citicore Holding Investments Inc. (CHII) and Purple Seed Capital Holding Inc. (PSCHI).

Based on CPI’s current ownership structure, CHII holds 80 percent of its common shares, while PSCHI owns the remaining 20 percent, which also forms the basis of the resulting property distribution ratio.

According to the latest general information sheet (GIS) of CREC, CPI owns 5.58 billion common shares in CREC, which will be distributed proportionally to the two shareholders.