Business World Online
Posted on January 02, 2013 10:15:16 PM
LISTED Trans-Asia Oil and Energy Development Corp. is set to own 100% of Trans-Asia Power Generation Corp. (TAPGC) after it inked a deal to purchase Holcim Philippines, Inc.’s stake in the subsidiary.
In separate disclosures yesterday, Trans-Asia and Holcim said they have signed a share purchase agreement, whereby Trans-Asia will acquire Holcim’s 50% stake in TAPGC.
TAPGC, a 50-50 joint venture between the two firms, owns and operates a 52-megawatt (MW) diesel-fed power plant in Norzagaray, Bulacan.
It was initially a joint venture Union Cement Holdings Corp. and Trans-Asia formed in 1997 to build and operate the power plant in Bulacan.
Holcim bought Union Cement’s stake in TAPGC in 2002.
Trans-Asia and Holcim officials begged off from providing details, saying further disclosures will be made regarding the agreement.
In August last year, Trans-Asia and Holcim separately disclosed they had entered into a power supply agreement, under which Trans-Asia will supply electricity to Holcim’s cement plant in Norzagaray, Bulacan and Bacnotan, La Union for 15 years starting Dec. 26 of this year.
Holcim is involved in the manufacture, sale and distribution of cement and clinker, a semi-finished product used by cement makers.
It owns four production facilities, one cement grinding mill, three ports, as well as storage and distribution points across the country, according to the Philippine Stock Exchange Web site.
It produces four cement products, namely: Holcim Premium Cement, Holcim 4X, Holcim Excel Cement, and Holcim WallRight Cement.
Holcim grew its net income by 22.22% to P2.53 billion as of September last year from P2.07 billion in the same nine months in 2011. In the same comparative periods, its net sales gained 22.49% to P20.21 billion from P16.50 billion, while cost of sales rose 24.22% to P15.13 billion from P12.18 billion.
Trans-Asia, which is involved in power generation as well as oil exploration and production, currently owns and operates a 21-MW diesel plant in La Union through its wholly owned subsidiary CIP II Power Corp. The company also holds a 25% stake in Maibarara Geothermal, Inc. which is building a 20-MW geothermal power plant in Sto. Tomas, Batangas.
Trans-Asia also holds 2.33% stake in service contract (SC) 6A and 4.22% in 6B, 6.67% in SC 51, all in the eastern portion of the Visayan Basin, 6.82% in SC 55 in waters west of Palawan; 6% in SC SC 69 in Camotes Sea, 6.10% in SC 14 located in waters northwest of Palawan.
Trans-Asia’s net income increased by 72.89% to P347.84 million in the nine months to September from P201.19 million the previous year. In the same comparative periods, revenues grew by 38.9% to P1.16 billion from P835.68 million, while costs and expenses increased by 18% to P675.16 million from P572.17 million.
Shares of Trans-Asia gained 17 centavos or 14.66% to P1.33 apiece yesterday from its previous close of P1.16 last Dec. 28, while those of Holcim shed 20 centavos or 1.43% to 13.80 apiece from P14. -- C. A. M. C. Feliciano source
TAPGC, a 50-50 joint venture between the two firms, owns and operates a 52-megawatt (MW) diesel-fed power plant in Norzagaray, Bulacan.
It was initially a joint venture Union Cement Holdings Corp. and Trans-Asia formed in 1997 to build and operate the power plant in Bulacan.
Holcim bought Union Cement’s stake in TAPGC in 2002.
Trans-Asia and Holcim officials begged off from providing details, saying further disclosures will be made regarding the agreement.
In August last year, Trans-Asia and Holcim separately disclosed they had entered into a power supply agreement, under which Trans-Asia will supply electricity to Holcim’s cement plant in Norzagaray, Bulacan and Bacnotan, La Union for 15 years starting Dec. 26 of this year.
Holcim is involved in the manufacture, sale and distribution of cement and clinker, a semi-finished product used by cement makers.
It owns four production facilities, one cement grinding mill, three ports, as well as storage and distribution points across the country, according to the Philippine Stock Exchange Web site.
It produces four cement products, namely: Holcim Premium Cement, Holcim 4X, Holcim Excel Cement, and Holcim WallRight Cement.
Holcim grew its net income by 22.22% to P2.53 billion as of September last year from P2.07 billion in the same nine months in 2011. In the same comparative periods, its net sales gained 22.49% to P20.21 billion from P16.50 billion, while cost of sales rose 24.22% to P15.13 billion from P12.18 billion.
Trans-Asia, which is involved in power generation as well as oil exploration and production, currently owns and operates a 21-MW diesel plant in La Union through its wholly owned subsidiary CIP II Power Corp. The company also holds a 25% stake in Maibarara Geothermal, Inc. which is building a 20-MW geothermal power plant in Sto. Tomas, Batangas.
Trans-Asia also holds 2.33% stake in service contract (SC) 6A and 4.22% in 6B, 6.67% in SC 51, all in the eastern portion of the Visayan Basin, 6.82% in SC 55 in waters west of Palawan; 6% in SC SC 69 in Camotes Sea, 6.10% in SC 14 located in waters northwest of Palawan.
Trans-Asia’s net income increased by 72.89% to P347.84 million in the nine months to September from P201.19 million the previous year. In the same comparative periods, revenues grew by 38.9% to P1.16 billion from P835.68 million, while costs and expenses increased by 18% to P675.16 million from P572.17 million.
Shares of Trans-Asia gained 17 centavos or 14.66% to P1.33 apiece yesterday from its previous close of P1.16 last Dec. 28, while those of Holcim shed 20 centavos or 1.43% to 13.80 apiece from P14. -- C. A. M. C. Feliciano source
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