Aboitiz unit acquires CEDI shares from MRP

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Aboitiz unit acquires CEDI shares from MRP - Business Mirror

Quick Summary:

Aboitiz Renewables Inc., a subsidiary of Aboitiz Power Corp., has acquired the shares of Mainstream Renewable Power Philippines Holdings B.V.(MRP) in Cornerstone Energy Development Inc.(C EDI).

In a disclosure Tuesday, Aboitiz Power said ARI and MRP reached an agreement last January 10 for the transfer of the latter’s shares in CEDI via a share purchase agreement, in favor of ARI.

AUSI Chairman Ruth Yu-Owen said the partnership is “a major milestone” in their shared vision of utilizing renewable energy to fuel industrial development.