Trans-Asia sets stock rights offering price at P1 apiece
MANILA, Philippines - Trans-Asia Oil and Energy Development Corp. has set its 1:2 stock rights offering price at P1 per share, according to a Philippine Stock Exchange memorandum on Tuesday.
The offer price represents a 21.41% discount from the 10-trading day volume weighted average of Trans-Asia's share price as of Oct. 29, the memo read.
Trans-Asia will be offering 1.415 billion common shares through an SRO to stockholders on record as of Nov. 7, with an overallotment option of 212.250 million common shares.
The offer period will run from Nov. 14 to 20, with the listing date tentatively set on Nov. 27.
The SRO is expected to generate P1.627 billion in gross proceeds which Trans-Asia will be using for various investments and projects such as the 54-megawatt wind energy project in San Lorenzo, Guimaras; the planned second 135-MW unit of the coal-fired power plant of South Luzon Thermal Energy Corporation in Calaca, Batangas; and other power project opportunities.