Latest Stories

Trans-Asia raises P1.63B from stock rights offering

Funding for several energy projects


Phinma-led Trans-Asia Oil and Energy Development Corp. was able to raise P1.63 billion from the stock rights offering it concluded last week.

In a memorandum posted at the Philippine Stock Exchange, Trans-Asia Oil reported that the offering—which consisted of the 1.4 billion common shares offered to stockholders and the overallotment option of 212.25 million common shares—was fully subscribed. The offer price was P1 each.

The listing of the additional shares has been scheduled on November 27, during which the stocks would be duly lodged with Philippine Depository and Trust Corp. (PDTC).

Trans-Asia Oil president Francisco Viray earlier explained that the proceeds from the stock rights offering would be used for the company’s equity investments in several power projects. A portion of the proceeds may also be used for possible investments in other power-project opportunities, including those power assets being offered for sale by the state-run Power Sector Assets and Liabilities Management Corp. (PSALM).

The company is embarking on an aggressive expansion program with its partners for various projects that can generate a combined 500 MW. These projects will require investments of up to P47.2 billion.

Viray earlier disclosed that the first phase of the expansion plan included ongoing projects with its partners, namely, the P2.8-billion 20-MW Maibabara geothermal power project on Mt. Makiling, which would go on line by 2013, and the P12-billion 135-MW coal-fired power facility in Batangas, which is expected to become operational by 2014.

Trans-Asia has a 25-percent stake in Maibarara Geothermal Inc., the vehicle company undertaking the geothermal project. The coal facility, meanwhile, is being undertaken with the Ayala-led AC Energy Holdings through a joint-venture vehicle called South Luzon Thermal Energy Corp. (SLTEC).

For the second phase of the company’s expansion plan, Trans-Asia will build a second 135-MW coal-fed unit in Batangas worth P10 billion, also through SLTEC.

Trans-Asia is likewise looking at a P13-billion 135-MW coal power plant in northern Mindanao, a second 20-MW unit for the Maibarara geothermal project costing another P3 billion and the P6.4-billion 54-MW wind power project on Guimaras island.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: common shares , Energy , fund raising , stock rights offering , Trans-Asia Oil and Energy Development Corp.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • 16 suffer burns in Batangas sugar factory accident
  • Angat level drops; cloud seeding set
  • Indigenous aspiration in Bangsamoro
  • Banahaw continues to lure pilgrims, trekkers
  • Passion of Christ moves survivors
  • Sports

  • Tottenham beats Fulham 3-1 in Premier League
  • Martino defends Messi, takes blame for Barca fail
  • Vettel hoping for resurgence at Chinese GP
  • MLB pitcher donates $100,000 for Sewol ferry victims
  • Hamilton takes pole at Chinese Grand Prix
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Minnie Driver plays devastated mother to a stillborn child
  • Business

  • A workplace of new possibilities
  • Learning by doing: pilgrimage of faith
  • Fiat-Chrysler to produce iconic Jeep in China from 2015
  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • Marketplace