The Philippine Stock Exchange has approved a plan by Trans-Asia Petroleum Corp.—a wholly owned unit of Trans-Asia Oil and Energy Development Corp. (TA Oil)—to list on its main board by way of introduction, or without an initial public offering.
In a memorandum, the PSE said it had approved the company’s application to list 250 million common shares at an initial listing price of P4.60 a share, subject to certain conditions.
Its trading system will be “TAPET.”
The initial listing price will give TA Petroleum a market capitalization of P1.15 billion upon listing.
The board of TA Oil earlier declared the distribution of 123.16 million common shares out of its total stake of 249.99 million in TA Petroleum as property dividends to shareholders on record as of Aug. 5, 2013.
This property dividend resulted in the distribution of TA Petroleum shares to TA Oil shareholders at a rate of 2.55 TA Petroleum common shares for every 100 TA Oil common shares held.
The US-based stockholders of TA Oil will receive cash in the amount of P0.0385 per TA Oil share, in lieu of TA Petroleum common shares and the cash dividend of P0.013 per share, in view of the requirements under US securities laws and regulations.
TA Petroleum is engaged in oil exploration and well development. Doris C. Dumlao