Trans-Asia Oil and Energy Development Corporation said its board has approved the reallocation of the remaining balances of its stock rights offering (SRO) proceeds for the purchase of three power barges from the National Power Corporation (Napocor).
In a disclosure to the Philippine Stock Exchange (PSE), Trans-Asia said the remaining balances of the SRO proceeds for the years 2007, 2011 and 2012 amounted to P373.4 million.
It said the SRO funds were originally earmarked for power project opportunities and investments in the privatization of assets from Napocor and the Power Sector Assets and Liabilities Management (PSALM) Corporation.
“The use of the SRO proceeds frees up the company’s internally generated cash to fund future projects,” Trans-Asia said.
Trans-Asia purchased Napocor’s power barges 101-103 last July 8.
These power barges are nominal 32-megawatt (MW) barge-mounted, bunker-fired diesel generating power stations that consist of four identical Hitachi-Sulzer diesel generator units rated at eight MW each.
Power barges 101 and 102 are located in Bo. Obrero, Iloilo City while power barge 103 is located at the Keppel Subic Shipyard, Inc. in Subic, Zambales.