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Citicore Executes Share Block Sale for Indonesian Firm Entry
The Philippine Star
|February 02, 2025
Citicore Power Inc. has completed its block sale of 153.74 million common shares in Citicore Renewable Energy Corp. (CREC), paving the way for the entry of Indonesian power firm Pertamina.
CREC, chaired by tycoon Edgar Saavedra, told the Philippine Stock Exchange (PSE) that it received a notice from its parent Citicore Power regarding the block sale.
The company said the transaction was among the conditions precedent in the closing of Pertamina unit PT Pertamina Power Indonesia's (Pertamina NRE) acquisition of a 20-percent stake in CREC.
The value of the block sale was not immediately made available.
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