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PERC firms up P758M rights offer

/ 05:27 PM January 09, 2018

Yuchengco group-led PetroEnergy Resources Corp. (PERC) has finalized a stock rights offering worth P758.3 million, proceeds from which will fund the expansion of its renewable energy businesses.

Based on a memorandum posted by the Philippine Stock Exchange, PERC has priced its offering of shares to existing shareholders at P4.80 per share.

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PERC is set to issue around 157.975 million shares. Shareholders are entitled to subscribe to one new share for every 2.6 common shares held as of record date Jan. 12, 2018.

The offering will run from Jan. 22 to 26 this year while tentative listing date on the local stock exchange is on Feb.2. RCBC Capital Corp. acts as the lead underwriter for the transaction.

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Formerly Petrotech Consultants Inc., PERC was organized in 1994 to provide specialized technical services to companies exploring for oil in the Philippines. In 1997, its name was formally changed into the present one, simultaneous with the change in its primary purpose to oil exploration and development and mining activities. In 2009, the Securities and Exchange Commission approved its entry into the business of generating power from conventional and renewable sources of power.

PERC’s four main energy businesses are petroleum, wind, geothermal and solar.

PetroWind Energy Inc. (PWEI), PERC’s wind energy company, reached the 250 GWh-generation mark during the first week of January. Its energy production comes from its 36-MW Nabas- 1 wind
facility in Aklan that started commercial operations in June 2015.

PWEI is a joint venture among PetroGreen Energy Corporation (with a 40 percent stake), BCPG Public Co. Limited of Thailand (with 40 percent), and EEI Power Corp. (with 20 percent). PetroGreen is the 90 percent-owned subsidiary and the renewable energy holding company of PERC.

“PWEI has been consistently achieving its target generation over the past two years. Despite seasonal variations, the consistently good wind trends over our facility has enabled us to record above average capacity factors. As a result, Nabas-1 hit 250 GWh generation milestone in only 31 months while a similar-sized plant running at typical Philippine wind industry capacity factors would have reached it in 35 to 44 months,” PGEC Energy Trading Head Dave Gadiano said in a press statement on Tuesday.

“This generation milestone validates our decision in selecting Nabas for our first wind project. Not only has the indigenous wind resource proved to be consistent, so has been the support from the Aklan local government units and host communities. We are banking on this significant wind resource, reliable generation, and local support to expand our existing Nabas wind facility in the near future,” PWEI president Milagros Reyes.

PERC’s principal oil exploration properties consist of various oil areas located in the Philippines and in Gabon, West Africa. Its local service contracts are located in Northwest Palawan, Offshore Mindoro and East Visayan Sea.

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TAGS: Perc, PetroEnergy Resources Corp., PetroWind Energy Inc., PWEI
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