Phinma Energy eyes tender offer

posted May 14, 2019 at 08:55 pm
by  Alena Mae S. Flores
Phinma Energy Corp. said Tuesday it will conduct a tender offer to shareholders of Phinma Petroleum and Geothermal Inc. as a part of the sale of its shares to AC Energy Inc., the power unit of the Ayala Group.

PPG, formerly Trans-Asia Petroleum Corp., is a wholly-owned subsidiary of Phinma Energy.  

Phinma Energy currently owns 126,838,679 common shares, representing 50.735 percent of the total issued and outstanding capital stock of PPG. After the transaction, it will own an aggregate of 189,801,107 common shares, representing 75.92 percent of the total issued and outstanding capital stock of the company.

Phinma Energy will be making a voluntary tender offer for the remaining 59,208,851 common shares representing 23.684 percent.

“The terms of the tender offer shall be announced separately on the date of the commencement of the tender offer,” it said. 

Topics: Phinma Energy Corp. , Phinma Petroleum and Geothermal Inc. , AC Energy Inc.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by The Standard. Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with The Standard editorial standards, The Standard may not be held liable for any false information posted by readers in this comments section.