In a strategic corporate move, Citicore Renewable Energy Corp. (CREC) has announced a significant restructuring of its ownership, initiated by its majority shareholder. This action aims to create a more direct and efficient holding structure for the prominent renewable energy player.
Dividend Declaration Streamlines Holdings
Citicore Power Inc. (CPI), which holds the majority stake in CREC, has declared a property dividend involving its substantial shareholding in the renewable energy firm. The transaction was formally disclosed to the Philippine Stock Exchange on December 29, 2025.
Instead of distributing cash, CPI will directly transfer its vast holding of 5.58 billion CREC shares to its own two shareholders. The distribution will be proportional to their existing stakes in CPI.
New Direct Ownership Structure
The shares will be allocated to Citicore Holding Investments Inc. (CHII) and Purple Seed Capital Holding Inc. (PSCHI). CHII, which holds an 80% stake in CPI, will receive the corresponding majority portion of the CREC shares. PSCHI, with a 20% stake in CPI, will receive the remainder.
Upon completion of this corporate action:
- CHII will own 40.03% of CREC directly.
- PSCHI will hold a 10.01% direct stake in CREC.
It is noteworthy that CHII is owned by CREC chairman Edgar Saavedra, while PSCHI is owned by the company's president and chief executive officer, Oliver Tan.
Control and Operations Unaffected
In a statement addressing the move, CREC President and CEO Oliver Tan provided reassurance about the company's future direction. He emphasized that the restructuring is purely about simplifying the ownership chain.
"We will still maintain majority and management control," Tan stated. He further clarified that this internal reorganization will not affect the company's day-to-day operations or its existing loan obligations.
The execution of this property dividend is contingent upon receiving the necessary regulatory approvals. This step underscores CREC's ongoing strategic initiatives within the Philippines' rapidly growing renewable energy sector.
