A subsidiary of listed Trans-Asia Oil and Energy Development Corp. (TA) is taking over a Zambales-based power generation firm, which currently operates a 116-megawatt diesel power plant in Subic Bay Freeport Zone, for more than P400 million.
In a disclosure to the Philippine Stock Exchange, Trans-Asia Oil reported that its wholly owned subsidiary, Trans-Asia Power Generation Corp. (TAPGC) purchased on Tuesday the entire outstanding shares of stock of One Subic Power Generation Corp. (OSPGC) from Udenna Energy Corp. (Udenna).
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