MANILA, Philippines - Trans-Asia Petroleum Corp., a unit of Trans-Asia Oil and Energy Development Corp. is planning to undertake a stock rights offering after it completes its stock market debut.
The company expects to raise roughly P500 million from the rights offering.
On the company’s planned listing by way of introduction on Aug. 28 – which involves no immediate sale of shares unlike an initial public offering – Trans-Asia Oil president Francisco Viray said it’s a good opportunity.
“There will always be oil. Oil will always be needed,” Viray said.
Trans-Asia Petroleum will carry the symbol “TAPET.” During the briefing, officials said that some 250 million shares will be listed at P4.60 a piece, for a total of P1.15 billion.
This represents 100 percent of the issued and outstanding shares of TAPET.
Trans-Asia is on the look out for new opportunities that would give back imminent revenue such as Service Contract 50, which covers the Calauit oil field in offshore Palawan.
The Calauit field in SC 50 is estimated to contain 10 million to 13.2 million barrels of oil.
Trans-Asia also holds interests in SC 51 in Leyte, SC 52 in Cagayan Valley in Northern Luzon; SC 55 in West Palawan; SC 69 in the Camotes Sea; and in SC No. 6 Block A and Block B in offshore northwest Palawan.
In the first half of the year, the company reported a net income of P216 million or 27 percent lower than year ago figures.
In the same period last year, Trans-Asia posted a net income of P297 million, the company said in its latest quarterly report to the Philippine Stock Exchange.
Trans-Asia has various investments in the energy sector. The company has power generation businesses by itself and through South Luzon Thermal Energy Corp., Trans-Asia Power Generation Corp. and CIP II Power Corp.