REPOWER Energy Development Corp. (REDC) will incorporate another first-tier subsidiary, the Baguio Asin Hydropower Corp. to operate hydropower project/s in furtherance of the existing business of REDC as provided in its corporate charters.
REDC will subscribe, at par, to 100 percent of the subscribed capital stock of the subsidiary at the time of incorporation.
The authorized capital stock of Baguio Asin Hydropower is at P50 million at the par value of P1 per share with an initial subscribed capital stock of P12.5 million.
The subscription agreement between REDC and the new subsidiary will be executed after the incorporation of the subsidiary is approved by the Securities and Exchange Commission.
The subsidiary will be an addition to the existing REDC Group of Hydropower Companies, namely Bicol Hydropower Corp., Philippine Power and Development Corp, Majayjay Hydropower Company Inc., Labayat 1 Hydropower Corp, Tobago Hydropower Corp., Cabanglasan Hydropower Corp., and Piapi Hydropower Corp. (PR)