Business World Online
Posted on May 13, 2014 10:21:26 AM | BREAKING NEWS
A wholly-owned subsidiary of Trans-Asia Oil and Energy Development Corp. will be expanding its portfolio through the acquisition of a power generation firm operating in Zambales for P489 million.
The listed firm said Trans-Asia Power Generation Corp. (TAGPC) will purchase One Subic Power Generation Corp. (OSPGC) from Udenna Energy Corp.
OSPGC operates a 116-megawatt (MW) diesel power plant in Subic Bay Freeport Zone, Trans-Asia said.
The deal involves 200 million shares at a price of P2.45 apiece.
"The total consideration in the amount of P489, 144,000 consists of P100 million to be held in escrow and P389,144,000 to be paid by TAGPC to Udenna in cash upon compliance with certain requirements," the disclosure read.
"The acquisition of OSPGC added to TA’s (Trans-Asia) growing generation portfolio…," it added.
Trans-Asia is building a 54-megawatt (MW) wind farm in San Lorenzo, Guimaras. The plant is scheduled to be operational late this year.
Through a 50%-owned South Luzon Thermal Energy Corp., the company is also building a two 135-MW units of coal-fired power plant in Calaca, Batangas.
The first unit is scheduled to be operational late this year, while the second unit is targeted to go online in 2016.
Trans-Asia also owns and operates a 21-MW diesel plant in La Union through its wholly owned subsidiary CIP II Power Corp.
The company holds a 25% stake in Maibarara Geothermal, Inc. which owns and operates 20-MW geothermal power plant in Sto. Tomas, Batangas.
Trans-Asia is also engaged in oil and gas exploration.
It has a 2.33% stake in service contract (SC) 6A; 4.22% in SC 6B; and 6.67% in SC 51, all in waters east of Visayas; as well as 6.82% in SC 55 in waters west of Palawan; 6% in SC 69 in Camotes Sea; and 6.10% in SC 14 located in waters northwest of Palawan. -- Claire-Ann Marie C. Feliciano source
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