Philippines-based Basic Energy to sell 9% stake to Thai firm

The sale will be used to explore renewable energy projects.

In a disclosure, Basic Energy said that it has entered into a subscription deal with Thai company Vintage Engineering Public to pursue "exploration, development and production of renewable energy resources, in the Philippines and abroad."

VTE will buy 435.7m shares out of the unissued capital stock of Basic Energy.

Under the same deal, it has been agreed that VTE has the right to invest in the 20MW Mabini geothermal project, among other projects.