PETROENERGY Resources Corp. on Thursday said its board had approved the sale of a 35-percent stake in wind subsidiary PetroWind Energy Inc. to Japanese firm SMFL Mirai Partners Co. Ltd. for P1.70 billion.
“On August 27, 2026, the board of directors approved the execution of a term sheet with SMFL-MP, in relation to its proposed sale of 6,837,199 common shares in PetroWind Energy Inc., or 35 percent of its outstanding capital stock in the subsidiary, to the latter for an aggregate consideration of P1.70 billion,” PetroEnergy said in a disclosure.
The company said the term sheet was expected to be signed on Sept. 2 and would set out the principal terms of the deal.
Upon completion of the proposed transaction, PetroWind will be owned 40 percent by PetroGreen Energy Corp., the renewable energy arm of PetroEnergy, 25 percent by PetroEnergy and 35 percent by SMFL-MP.
SMFL-MP is a Japanese financial service provider and private capital fund manager and is a subsidiary of Sumitomo Mitsui Finance and Leasing Co. Ltd.
PetroEnergy shares on Thursday closed unchanged at P4.00 apiece.
