The Philippine Stock Exchange (PSE) has approved the listing application of Trans-Asia Petroleum Corp. (TA Petroleum), the oil exploration unit of Trans-Asia Oil and Energy Development Corp., after a year of planning its listing.
In a notice to the PSE website, the stock exchange said it approved Trans-Asia Petroleum’s “application for initial listing by way of introduction.”
Through listing by way of introduction, a company’s shares will be listed and traded automatically at the stock exchange upon PSE’s approval of the listing application. Listing by way of introduction is less costly to companies compared to an initial public offering (IPO).
An estimate of P1.15 billion funds will be raised from the listing of 250 million common shares, initially priced at P4.60 each. Upon listing, “TAPET” is the company’s symbol.
Last year, the Trans-Asia Petroleum board authorized its listing application to the PSE and Securities and Exchange Commission. Trans-Asia Petroleum is the oil exploration subsidiary of Trans-Asia Oil, which is a unit of the parent Phinma Corp.
Trans-Asia Petroleum is the fourth company to debut in the stock market so far this year after the listing by way of introduction of Top Frontier Investment Holdings Inc., and the IPOs of Double Dragon Properties Corp and Century Pacific Food Inc.
PSE announced earlier that 10 companies were likely to join the stock exchange this year.