The Philippine Stock Exchange has approved the P600 million stock rights offer of Petro Energy Resources Corp consisting of 140 million shares at a price range of P4.30 to P4.35 per share.
“The company’s application for the listing for the rights shares was approved by the PSE on April 8. All of the rights shares are expected to be listed on the PSE on June 1,” PetroEnergy said in a document attached to the notice posted at the PSE website.
Roel Refran, PSE chief operating officer, confirmed to The Manila Times in a text message: “Yes, we have approved the PetroEnergy stock rights offering.”
Final pricing will be determined on April 16, while record date will be on April 30 and the offering period will run from May 11 to 15. Tentative listing date is on June 1.
RCBC Capital Corp. was appointed as the lead underwriter of the offer.
The offer was intended to provide capital for the company’s expansion of the Etame Marin offshore oil field in Gabon Africa; additional capacity for its 20-megawatt (MW) Maibarara geothermal plant; and 50-MW Nabas wind farm in Aklan.
Incorporated in 1994, PetroEnergy is engaged in oil exploration and development and mining activities. It is also involved in renewable energy ventures in the Philippines and Africa.