Basic Energy Corporation in its Regular Board meeting on October 27, 2022, unanimously approved the following: Incorporation of Basic Renewables Energy Corporation with the following capitalization: Authorized Capital Stock: Php 40 Million; Subscribed Capital Stock: Php 10 Million; Paid Up: Php 2.5 Million. This new subsidiary of BEC will operate the e-charging/solarization project, presently being handled by the parent company, BEC.