Philippine energy firm enters into real estate and IT sectors

Greenergy, a publicly listed energy firm in the Philippines, is entering the real estate and IT businesses to diversify its investment portfolio. The company said it subscribed to 20% of the outstanding capital stock of developer Sunchamp Real Estate Development for US$1.3 million (55 million peso). Greenergy is also set to acquire 25% equity interest in IT Group, which provides technology and outsourcing services for an undisclosed amount.

“The investments in Sunchamp and IT Group are in line with the objective of the company to diversify its investment portfolio that currently includes renewable energy and waste management projects,” said in a company statement.

The energy firm is also investing in biomass projects in China, where it is ready to acquire a majority stake in Zhongshe Renewable Energy.