LISTED A Brown Co., Inc. (ABCI) announced changes to the name and primary purpose of one of its subsidiaries.
ABCI鈥檚 subsidiary, formerly known as Palm Thermal Consolidated Holdings Corp., has been renamed to ABC Energy, Inc., according to a stock exchange disclosure issued by the company on Thursday.
鈥淭he corporate name change to ABC Energy Inc. will improve the company鈥檚 image as an energy holding entity, aligning with its future role in owning and managing energy-related investments within the A Brown Group,鈥 it said.
ABC Energy鈥檚 primary purpose was also amended as it is now engaged in the business of 鈥渁 holding company to hold shares for energy-related investments.鈥
Palm Thermal is the corporate vehicle for ABCI鈥檚 entry in the power generation business, according to ABCI鈥檚 2023 annual report.
Prior to the amendments, the primary purpose of Palm Thermal was to 鈥減urchase, acquire, own, hold, lease, sell and convey properties of every kind and description, including land, buildings, factories and warehouses and machinery, equipment, the goodwill, shares of stock, equity, rights, and property of any person, firm, association, or corporation and other personal properties鈥︹
ABCI is a Mindanao-based company that has interests in sectors such as property, power generation, public utilities, and agribusiness.
Some of its power generation subsidiaries include Palm Concepcion Power Corp., which operates a coal-fired power plant in Iloilo, and Peakpower Energy, Inc., which is engaged in bunker-fired power projects.
ABCI鈥檚 Vires Energy Corp. is also developing a 450-megawatt liquefied natural gas power project in Simlong, Batangas City while Northmin Renewables Corp. is involved in the Misor Wind Power and Bukidnon Wind Power projects.
On Thursday, ABCI stocks dropped by 1.67% or one centavo to 59 centavos apiece. 鈥 Revin Mikhael D. Ochave
