A Brown, GET sign deal for JV

Listed A Brown Co. inc. (ABCi) has signed a joint venture (JV) agreement with Get Philippines inc. to create, promote, operate and manage the ABC electric shuttle service in Cagayan de Oro.

Get will incorporate and set up a new company which it will co-own with A Brown for the purpose of initially acquiring 10 Community Optimized Managed electric transport (COMet ) electric vehicles that will be deployed for the project. Upon incorporation of its joint venture, the outstanding capital stock will be P45 million, corresponding to 45 million shares. Get will own 100 percent of the outstanding capital stock of the joint venture.

Get will transfer ownership of 22.5 million shares in the joint venture to A Brown immediately upon issuance of the 45 million shares in the joint venture to Get A Brown will pay Get P22.5 million as advance payment for the shares of Get in the joint venture. “( t he shares) that ABCi will acquire from Get will be equivalent to 50 percent equity ownership in the JV company,” A Brown said in its disclosure.

t he joint venture company will be responsible for the provision, management, service, maintenance and operation of the fleet of COMet electric vehicles for the ABC electric shuttle service in Cagayan de Oro.

t he said company will also offer the COMet electric vehicles as an “effective marketing tool and platform for media and transit advertising for third parties.” it will make use of the GetPA ss tra nsport ecosystem as a fleet and passenger management and monitoring system for the ABC electric shuttle service.

Get Philippines is a social enterprise that operates and manages fleets of modern zero emission electric buses integrated electric with a passenger and fleet management ecosystem as a safe, efficient and sustainable transit system and for public transport and private shuttle services at various locations in the Philippines. VG Cabuag