Demeter Corporation Public Company Limited (SET:DCORP) agreed to acquire 40% stake in Negros PH Solar, Inc. from Maria Celia Ramona S. Monfort for $0.6 million on January 26, 2017. Under the terms, 0.01 million shares will be acquired in cash. The transaction will be financed from the cash flow of Demeter Corporation. Post completion, Maria Celia Ramona S. Monfort will hold 39.9% stake. Negros PH Solar, Inc. reported total assets of PHP 26.79 million ($0.54 million), shareholders’ equity of PHP 2.5 million ($0.05 million) and operating loss of PHP 26.70 million ($0.54 million) for the year ending December 31, 2016. The Board of Directors of Demeter Corporation Public Company Limited resolved the deal and considers the consideration as fair. The deal is subject to approval from Board of Directors of Demeter Corporation Public Company Limited by the end of February 2017 and from shareholders of Demeter Corporation Public Company Limited within April 2017. As on March 14, 2017, the transaction will be proposed for approval to shareholders of Demeter Corporation Public Company Limited by April 2017, and expected to close by May 2017. Demeter Corporation Public Company Limited would like to clarify that the transaction completion will be extended for certain period as the Philippines counterparty advised us that the application process for issuance of the construction permits required for the project is delayed due to changes of the policy of the issuing authority, i.e. Department of Energy, Ministry of Energy of Philippines, on the procedures of issuance of the Permit. The conversion was made through www.oanda.com on December 31, 2016. The transaction is expected to close in June 2017. The closing of the transaction was extended from July 31, 2017 to October 31, 2017.