MANILA, Philippines - The petroleum unit of Trans-Asia Oil and Energy Development Corp. is increasing its authorized capital to P1 billion.
In a disclosure, Trans-Asia said Trans-Asia (Karang Besar) Petroleum Corp. has received the Securities and Exchange – Commission’s approval of the capital hike.
Trans-Asia Karang Besar will now have an authorized capital stock of P1 billion divided into 100 billion shares at a par value of one centavo from P40 million divided into four billion shares worth one centavo each.
In August, Trans-Asia Karang Besar changed its primary purpose to oil and gas exploration and production from power generation.
Last month, parent firm Trans-Asia secured board approval to transfer its ownership in three petroleum projects to wholly-owned Trans-Asia Karang Besar.
Specifically, Trans-Asia assigned its stakes in Service Contract (SC) 6 Block A and Block B, SC 51 in Eastern Visayas and SC 69 Visayas Basin to its subsidiary.
Early this week, Trans-Asia officials said the company will spin off and list its petroleum subsidiary in the local bourse.
To date, Trans-Asia owns and operates four plants with an aggregate production capacity of 186.4 megawatts. The bulk of energy sales came from contract customers, with excess output sold to the spot market.
Trans-Asia, which is 54.8 percent owned by Phinma Corp., said it will enter into P33 billion worth of new projects in the next five years.