EDC completes tender offer for planned exit from stock exchange
Philippines based Energy Development Corp. (EDC) has completed a tender offer buying back shares, with a scheduled delisting of the company now set by November 29, 2018.
As reported today from the Philippines, the country’s Energy Development Corp. (EDC) has completed its tender offer for its planned exit from the Philippine Stock Exchange (PSE).
Of the 2.04 billion common shares held, shareholders of a total of 2.01 billion common shares accepted the tender offer priced at P7.25 per share. The offer ran from Sept. 25 to Oct. 22.
The shares will officially crossed of from the Philippines Stock Exchange on November 5, which will put the number of publicly held shares below 0.16% of the total shares. Prior to the tender offer, Philippine Renewable Energy Holding Corp. (PREHC) also acquired 8.9 billion common shares in EDC in September 2017.
With the share buy back the company plans to voluntarily delist from the stock exchange, providing greater flexibility over dividend policy and leverage helping to support the company’s long-term growth.
The company now requires approval from the stock exchange upon having met conditions to proceed with delisting.
Delisting of EDC is then scheduled by November 29, 2018.
Apart from hydro, solar, and wind power, the company operates around 1,200 MW of geothermal power generation capacity, one – if not the – largest geothermal operator in the world.
Source: BusinessWorld Online