Energy Development Corp.’s common shares will be removed from the Philippine Stock Exchange’s electronic board and ticker on Nov. 29 as the PSE granted EDC’s petition for voluntary delisting.
EDC yesterday said in disclosure that the PSE had informed the renewable energy firm about the approval of its delisting through a memo dated Nov. 23.
EDC moved for voluntary delisting last August, 10 months after Philippines Renewable Energy Holdings Corp. (PREHC) acquired 8.9 billion shares representing a 31.7-percent interest in the energy firm.
PREHC is a consortium of investors comprising funds managed by Australia’s Macquarie Infrastructure and Real Assets, and Arran Investment Pte Ltd, an affiliate of Singapore’s GIC Pte Ltd.
According to Ernst & Young group, PREHC’s $1.3-billion investment in EDC was the second-biggest energy deal in Asia-Pacific even as uncertainties dampened the global market compared to the previous two years.
In their “Power transactions and trends” report for the third quarter of 2018, EY said the transaction represented 6 percent of total investments in the region and 2 percent globally.
Worldwide, electricity investments reached $61.9 billion, including $22.5 billion in the Asia-Pacific region.
“Global uncertainty, growing protectionism and trade wars are creating slightly lower returns globally as compared with the last two years,” EY said.
“Despite a continued low global interest rate environment, which is favorable for utilities, policy instability, declining demand due to energy efficiency, low wholesale prices and continued sector disruption continue to impact the sector globally,” the group added.
EY said that, in Asia Pacific, investors were seeking attractive returns in the face of a complex deal environment.