News

PetroEnergy Resources with stock rights offering of $15 million to fund expansion of renewable business

Maibarara Geothermal Plant, Philippines (source: Maibarara Geothermal Inc.)
Alexander Richter 9 Jan 2018

To fund the expansion of its renewable energy business, Philippines- based PetroEnergy Resources Corp. is going through a stock rights offering to raise up to $15m. PetroEnergy is active in petroleum, wind, geothermal and solar.

Yuchengco group-led PetroEnergy Resources Corp. (PERC) has finalized a stock rights offering worth P758.3 million (about $15 million), proceeds from which will fund the expansion of its renewable energy businesses.

Based on a memorandum posted by the Philippine Stock Exchange, PERC has priced its offering of shares to existing shareholders at P4.80 per share.

PERC is set to issue around 157.975 million shares. Shareholders are entitled to subscribe to one new share for every 2.6 common shares held as of record date Jan. 12, 2018.

The offering will run from Jan. 22 to 26 this year while tentative listing date on the local stock exchange is on Feb.2. RCBC Capital Corp. acts as the lead underwriter for the transaction.

PERC’s four main energy businesses are petroleum, wind, geothermal and solar.

PERC’s principal oil exploration properties consist of various oil areas located in the Philippines and in Gabon, West Africa. Its local service contracts are located in Northwest Palawan, Offshore Mindoro and East Visayan Sea.

PetroEnergy Resources Corp operates the Maibarara 1 geothermal power plant and is currently working on the expansion with Maibarara 2.

Source: Business Inquirer