CONCEPTS Unplugged Business Environment Solutions Inc. (CUBES) is poised to gain a fresh capital of P80 million for next year.
The refrigeration-technology provider has entered into a memorandum of agreement with listed firm Premiere Horizon Alliance Corp. (PHA), resulting in a 51-percent ownership of the former.
After this, the parties will go into a subscription agreement and other definitive implementing agreements upon satisfactory results and completion of the third-party due diligence.
Proceeds of the equity transaction will form part of PHA’s funding commitment for the planned 2015 capital expenditure of CUBES totaling P250 million. The latter is involved in providing refrigeration to established cold-storage facilities by way of a patented ThermoChiller system developed in the US.
This modular system is proven to reduce operating costs arising from high electricity bills and recurring equipment repair expenses.
For the past 15 years, this technology has been scalable, easily replicable and deployed in numerous sites in the US.
CUBES will be the exclusive project firm of such for the Asia-Pacific region, including the Philippines, where it will be deployed as off-grid installations using alternative fuel sources, particularly biomass. Given this, it will contribute to environmental sustainability by lessening dependence on fossil fuels and electricity grid. PHA’s acquisition of the controlling stake in CUBES is aligned with its thrust of “Invigorating the Countryside,” focusing on food security through innovative technology. This investment is also expected to facilitate in the development and competitiveness of the Philippines in the looming economic integration of the 10 member-states of the Association of Southeast Asian Nations by next year.