WindForce consolidates subsidiaries in internal share transfer move

WindForce PLC has approved an internal restructuring to transfer the shareholdings of three of its power subsidiaries from its fully-owned unit Renewgen (Pvt.) Ltd directly to the listed parent, as part of what the company described as a “strategic management decision”.

The move, cleared by the board on April 10, will see WindForce acquire 38.2 million shares in HPD Power (Pvt.) Ltd, 40.6 million shares in Melanka Power (Pvt.) Ltd and 23.0 million shares in Peak Power Delta (Pvt.) Ltd, each at a consideration of Rs.10 per share, according to a filing to the Colombo Stock Exchange.

The transaction effectively shifts the ownership of the three entities from Renewgen, itself a wholly-owned subsidiary, to WindForce, tightening the group’s holding structure by bringing these assets directly under the listed entity.

WindForce said it would make further disclosures upon completion of any regulatory or corporate processes linked to the transfer.