By Danessa Rivera (The
Philippine Star) | Updated January 15, 2017 - 12:00am
MANILA, Philippines - Phinma Energy
Corp. has bumped up its capital infusion in its renewable energy unit by
another P1.6 billion for a total consideration of P2.35 billion to fund its
expansion program.
In a disclosure to the Philippine
Stock Exchange yesterday, Phinma Energy said it has subscribed to 1.6 billion
preferred shares in Trans-Asia Renewable Energy Corp. (TAREC), its
vehicle for renewable energy generation.
The acquisition cost is equivalent
to P1.6 billion, or P1 per share.
This capital infusion is on top of
the earlier purchase of 750 million preferred shares amounting to P750 million.
Phinma Energy also disclosed it has
fully paid the balance of its 750-million preferred share acquisition in TAREC.
“On Jan. 5, 2017 the corporation
subscribed to 750 (million) preferred TAREC shares wherein 25 percent of which
was paid on the same date amounting to P187.5 (million) with the balance of
P562.5 (million) paid on Jan. 11, 2017,” the company said.
Phinma poured in more funds in TAREC
as the latter raised its authorized capital stock by another 25 percent.
The company earlier said this will
“provide funds to the subsidiary and build up its capital base.”
The closing of the transaction,
however, is still subject to the approval of the Securities and Exchange
Commission (SEC).
Late last year, TAREC officials said
the company is looking to expand its wind portfolio. Currently, it operates the
54-megawatt (MW), 27-tower wind farm in San Lorenzo, Guimaras.
The company is eyeing to add 40 MW
more in the San Lorenzo wind farm and put up another wind power project in
nearby Nueva Valencia municipality in Guimaras, TAREC vice president Danilo
Panes had said.
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