Trans-Asia sets up subsidiary to explore, develop mineral resources

Listed oil firm Trans-Asia Oil & Energy Development Corp. has set up a P100 million wholly-owned subsidiary to explore and develop mineral resources.

In a disclosure to the Philippine Stock Exchange (PSE), Trans-Asia said P25 million of the authorized capital stock has been subscribed and paid.

At the same time, Trans-Asia said it approved a stock rights offering to all shareholders as of a record date yet to be set by the company. Shareholders can buy one share for every two shares held at P1.10 each.

The board also approved a cash dividend of P0.04 per share to all shareholders of record as of April 19, payable on May 16, 2007.

Subject to approval by shareholders, a total of 100 million shares were set aside from the unsubscribed portion of the company’s two billion authorized shares for stock grants for officers and managers of the corporation and stock options for directors, officers and employees of the corporation and its subsidiaries and affiliates for the purposes and under terms and conditions as determined by the executive committee of the board of directors pursuant to authority from the board.

Aside from oil, Trans-Asia has investments in power generation, renewable energy (Trans-Asia Renewable Energy Corp.), and real estate (Bacnotan Industrial Park Corp. and the PHINMA Plaza).

Trans-Asia has currently been diversifying its interests while maintaining key positions in significant exploration programs.