Trans-Asia Oil buys out Holcim in power firm
Trans-Asia Oil and Energy Development Corp. has bought out its partner in Trans-Asia Power Generation Corp.
In a disclosure to the Philippine Stock Exchange on Wednesday, Trans-Asia Oil said it had signed on Jan. 1 a share purchase agreement that allowed it to acquire Holcim Philippines Inc.’s 50-percent stake in Trans-Asia Power. The deal gave Trans-Asia full ownership of the power firm.
The companies, however, did not give other details of the deal and officials were unavailable for interview as of press time.
Trans-Asia Power currently owns and operates a 52-megawatt diesel-fed power facility in Bulacan.—Amy R. Remo