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Louella Desiderio - The Philippine Star
December 30, 2025 | 12:00am
Citicore Energy REIT Corp. (CREIT)
Businessworld / File
MANILA, Philippines — Citicore Renewable Energy Corp. (CREC) is streamlining its ownership structure through a property dividend declaration by its majority shareholder, while ensuring that key shareholders retain management control.
In a disclosure to the Philippine Stock Exchange, CREC said Citicore Power Inc. (CPI) is distributing its 5.58 billion CREC shares to its shareholders Citicore Holding Investments Inc. (CHII) and Purple Seed Capital Holding Inc. (PSCHI).
The distribution will be based on CPI’s ownership structure, with 80 percent going to CHII and the remaining 20 percent to PSCHI.
Following the distribution, CHII owned by CREC chairman Edgar Saavedra will directly own 4.47 billion CREC common shares equivalent to 40.03 percent, while PSCHI owned by CREC president and CEO Oliver Tan, will get 1.12 billion of CREC common shares or 10.01 percent.
This will streamline Saavedra and Tan’s ownership in CREC, ensuring they maintain majority ownership and management control over CREC and its subsidiaries.
“We will still maintain majority and management control. This will ensure continuity in governance, leadership and strategic oversight over CREC,” Tan said.
CREC said its ongoing business strategies and project pipeline will continue.
It also said the property dividend distribution would not impact CREC and its subsidiaries’ ability to perform its obligations under existing loan agreements.
“We remain fully aligned in our strategic direction and fully committed to sustaining CREC’s momentum in the renewable energy sector. This initiative strengthens our shareholders’ ability to support CREC’s continued expansion, while preserving stability and transparency across our operations,” Tan said.
CREC is engaged in the development and operations of solar, hydro and wind energy platforms in the country.
