C02038-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
Common Shares | 6,545,454,004 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
---|
Receipt of Citicore Energy REIT Corp. ("CREIT" or the "Company") on 17 March 2023, of a Notice of Arbitration filed under the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC”) with Enfinity Philippines Technology Services Inc. (“EPTSI”) and Enfinity Asia Pacific Limited (“EAPL”) as claimants. |
Background/Description of the Disclosure |
On 20 August 2015 or three years prior to Citicore Renewable Energy Corporation’s (“CREC”) acquisition, Enfinity Philippines Renewable Resources, Inc. or “EPRRI” (now CREIT) entered into Services Agreements with EPTSI and EAPL in connection with the development of the Concepcion Solar Power Project (the “Concepcion Project”) located in Barangay Sta. Rosa, Municipality of Concepcion, Province of Tarlac. However, various disputes arose between the parties relating to the Concepcion Project and consequently, they agreed to terminate the Services Agreements. For the said purpose, the parties executed agreements (“Settlement Agreements”) for the termination of the Services Agreements and settling the disputes among them. Unfortunately, some of the terms and conditions of the Settlement Agreements remained unresolved even after CREC acquired EPRRI in 2018. These unresolved matters prompted the filing of an action for arbitration with EPTSI and EAPL claiming unpaid settlement amount of Five Hundred Four Thousand U.S. Dollars (USD504,000.00) and Four Million Five Hundred Thirty-Six Thousand U.S. Dollars (USD4,536,000.00), respectively. |
Other Relevant Information |
None. |
Name | Jaime Del Rosario |
---|---|
Designation | Corporate Secretary and Chief Information Officer |