Commission Decision No. 31-M-051/2017
Acquisition of Presage Corporation of shares in Negros Island Biomass Holdings, Inc.
Presage Corporation (“Presage”), a wholly-owned subsidiary of AC Energy Holdings, Inc, intends to acquire Negros Island Biomass Holdings, Inc. (“Islabio”). Islabio owns shares in three (3) subsidiaries—namely, the South Negros Biopower, Inc.; North Negros Biopower, Inc.; and San Carlos Biopower, Inc.—engaged in biomass power generation and sale of electricity.
The transaction involves the acquisition by Presage of all the total outstanding capital stock equivalent to 50,005 common shares of Islabio. Through the proposed transaction, Presage will gain control of Islabio and its operating subsidiaries thereby expanding AC Energy’s renewable energy portfolio to include biomass.