PETROENERGY Resources Corp. (PERC) on Wednesday said that the Philippine Competition Commission (PCC) had approved the acquisition of subsidiary PetroWind Energy Inc., which owns the 49.2-megawatt Nabas wind project in Aklan.
In a disclosure, PetroEnergy said it received a notification clearing the proposed acquisition of all shares held by BCPG Wind Cooperatief U.A. in PetroWind.
PetroEnergy last December said it planned to acquire BCPG Wind’s entire stake in PetroWind, which would give it and its renewable energy arm, PetroGreen Energy Corp., complete control over the Nabas wind power project.
It added that the transaction would streamline decision-making for the Nabas project, optimize capital allocation, and potentially enhance long-term revenue and shareholder value.
PetroEnergy said the PCC would be releasing the full copy of its decision as soon as possible and that a certification of the clearance would also be issued once signed.
PetroEnergy shares on Wednesday added P0.04, or 1.15 percent, to close at P3.52 apiece.