Genesis Energy, a Hungarian company that is building solar panel plants in Hungary, Spain and Singapore, on Thursday said it modified an agreement with Denver-based Cogenco International, extending the deadline for closing the sale of its units to Cogenco until March 1, 2010 and raising the number of shares Genesis Energy will take as payment for the units.
After the transaction is closed, Cogenco will take over Genesis Energy's units in Hungary, Spain and Singapore in their entirety, and Genesis Energy will become the majority stakeholder in Cogenco. On December 7, 2009, Gogenco will change its name to Genesis Solar. The company's shares are planned to be listed on a bourse in the United States.
Genesis Energy said earlier it would be wound up and its Cogenco International shares distributed to Genesis Energy shareholders in proportion to their holdings in the company. (MTI-Econews)