LISTED solar developer SP Recent Energy Corp. (SPNEC) is searching for approval to vary its corporate name to MGEN Renewable Energy Holdings, Inc., as a part of a planned rebranding.
In a regulatory filing on Thursday, SPNEC said its board of directors approved the amendment of the corporate’s articles of incorporation to reflect the change in its corporate name, stock symbol, and company logo.
“This is an element and parcel of the gradual rollout and implementation of the general branding strategy of the Meralco PowerGen Corporation Group,” SPNEC said.
The proposed changes remain subject to the approval of the corporate’s stockholders and the Securities and Exchange Commission.
SPNEC is a subsidiary of MGEN Renewable Energy, Inc., the renewable energy arm of Meralco PowerGen Corp. (MGEN), which in turn is a completely owned subsidiary of Manila Electric Co. (Meralco).
The move follows SPNEC’s earlier disclosure clarifying that it’s a separate entity from Solar Philippines Power Project Holdings, Inc., an organization whose several renewable energy service contracts were terminated by the Department of Energy.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Helpful Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera