Citicore Power Declares Property Dividends, Streamlines Ownership Structure in CREC

Citicore Renewable Energy Corporation (CREC), one of the Philippines’ leading solar energy developers, disclosed to the Philippine Stock Exchange on 29 December 2025 that its majority shareholder, Citicore Power, Inc. (CPI), has declared property dividends in favor of its shareholders, Citicore Holding Investments, Inc. (CHII) and Purple Seed Capital Holding, Inc. (PSCHI). The move forms part of a strategic initiative to streamline ownership in CREC while maintaining continuity in leadership and governance.

Under CPI’s current ownership structure, CHII holds 80% of CPI’s common shares, while PSCHI owns the remaining 20%. In line with this shareholding ratio, CPI’s total stake of 5,584,894,690 common shares in CREC will be distributed proportionally to the two shareholders. Upon completion of the distribution, CHII will directly own 4,467,915,752 CREC common shares, representing approximately 40.03% of the company, while PSCHI will hold 1,116,978,938 common shares, or about 10.01%.

CHII is owned by CREC Chairman Edgar Saavedra, while PSCHI is owned by CREC President and Chief Executive Officer Oliver Tan. Following the transaction, Saavedra and Tan will collectively retain majority ownership and management control over CREC and its subsidiaries, ensuring stability in strategic direction and corporate governance.

“We will continue to maintain majority and management control. This ensures continuity in governance, leadership, and strategic oversight over CREC,” said Oliver Tan, President and CEO of CREC.

CREC emphasized that the property dividend declaration will not disrupt its ongoing business strategies, project pipeline, or the ability of the company and its subsidiaries to meet obligations under existing loan agreements. Management reiterated that operations will continue as planned, with no impact on the company’s growth trajectory in the renewable energy sector.

“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’ capacity to support CREC’s continued expansion, while preserving stability and transparency across our operations,” Tan added.

The payment of the property dividends remains subject to the completion of required approvals and consents from relevant government agencies and third parties.