In anticipation of Frontier Oil Corp.’s (FOC) upcoming P2.2-billion initial public offering (IPO) early next year, the unit of Trans-Asia Oil and Energy Development Corp. (TA) has confirmed its intention to subscribe to as much as P136-million worth of shares in the future listed firm.
In a filing with the Philippine Stock Exchange (PSE), TA disclosed that its wholly owned unit, Trans-Asia Petroleum Corp., has agreed to subscribe to P136 million in FOC shares, through the latter’s forthcoming IPO slated for early 2014.
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