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TRANS-ASIA Oil and Energy Development Corp., a unit
of the PHINMA Group, has inked a deal for a possible partnership
with an Indian firm.
In a disclosure to the Philippine
Stock Exhange, Raymundo A. Reyes, Jr., Trans-Asia vice-president for
exploration, said the company signed a memorandum of understanding
with H.L. Nathurmal of India for “possible cooperation in the
fields of mining and energy.”
The company official said the
deal would cover potential investments in the said sectors in the
Philippines, India and other Southeast Asian nations.
H.L. Nathurmal is primarily
engaged in iron and manganese mining, power generation,
pharmaceuticals and trading.
Trans-Asia has investments in
power generation, renewable energy, real estate and mineral
exploration.
At end-December, majority of the
company’s shares listed at the bourse were held by a PCD nominee
for Filipinos at 72.52 percent, followed by the Philippine
Investment Management Consultants, Inc. at 11.87 percent and
Bacnotan Consolidated Industries, Inc. at 4.53 percent.
The company’s shares closed
higher at P1.08 Thursday from P1.04 in the previous day.
--Euan Paulo C. Añonuevo
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