Citicore Power Inc. (CPI) has declared 5. 58 billion shares of Citicore Renewable Energy Corp. (CREC) as property dividends to its shareholders.
Payment of the dividend is “subject to securing the necessary approvals and consents from the relevant third parties and government agencies, and payable upon approval by the Securities and Exchange Commission of the dividend declaration,” the company said.
Once distributed, CPI’s 50.04% stake in CREC will be held directly by Citicore Holding Investments Inc. (40.03%) and Purple Seed Capital Holding Inc. (10.01%).
PCHII owns 80% of CPI, while PSCHI holds 20%, forming the basis of the distribution ratio.
CHII is controlled by CREC chairman Edgar Saavedra, while PSCHI is owned by CREC president and CEO Oliver Tan. CREC said the move will streamline Saavedra and Tan’s ownership while keeping majority control.
“We will still maintain majority and management control. This will ensure continuity in governance, leadership and strategic oversight over CREC,” Tan said.
The company added the distribution “will not impact the ability of CREC or its subsidiaries to perform obligations under existing loan agreements.”
“We remain fully aligned in our strategic direction and fully committed to sustaining CREC’s momentum in the renewable energy sector. This initiative strengthens our shareholders’ ability to support CREC’s continued expansion, while preserving stability and transparency across our operations,” Tan said.
CREC is developing solar, hydro and wind projects in the Philippines.
