Vivant, through wholly-owned subsidiary Vivant Renewable Energy Corp. (VREC), said on Thursday it will sell its 32.26 percent stake in the company to focus on core businesses.
It said the buyer is Aurora Sustainability Energy Pte. Ltd. Although the company did not disclose the selling price, it said payments will be made on an installment basis.
Vivant first purchased a P94-million stake in the company in 2021 before raising its investments. By the end of 2023, its holdings in Buskowitz were valued at P418.6 million, its annual report showed.
Management’s view
“The divestment is part of [Vivant’s] efforts to focus its investments on its core competencies, particularly in its retail energy supply and Small power utilities group businesses,” said Mark Habana, president and CEO of VREC.
Amicable parting
“This decision is rooted in mutual respect and a shared vision for a sustainable future. We value our past collaboration and look forward to pursuing our respective growth strategies,” said James Buskowitz, president and CEO of Buskowitz Energy.
Buskowitz remains a potential solar engineering, procurement, and construction partner for Vivant, the disclosure showed.
At present, the company is on track to achieve its target energy mix of 70 percent conventional and 30 percent renewable energy by 2030.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
