 Basic Energy Corporation announces the cross-sale of BSC shares held by its wholly owned subsidiary, RDG Wind Energy Corporation (RWEC; formerly Mabini Wind Energy Corporation), to another wholly owned subsidiary – Basic Diversified Industrial Holdings Inc. This transaction is part of the preparations for the finalization of the Joint Development and Shareholders Agreement (JDSHA) signed between Basic Energy Corporation and RENOVA on April 17, 2024, as disclosed in Company Disclosures Nos. C02210-2024 and C02291-2024.
The sale represents a key milestone in the ongoing partnership between Basic Energy and RENOVA in relation to the Mabini Wind Energy Project. This project recently completed its Wind Resource Assessment (WRA), yielding positive results regarding the site's wind conditions. Details of the Transaction: Number of Shares Disposed: 18,000,000 Price Per Share: P0.125 Read related article: Basic Energy Completed the Wind Resource Assessment on its Mabini Wind Energy Project |
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