PetroEnergy to raise $13m in stock offer for projects

Bonifacio Global City, Taguig City, Metro Manila, Philippines (source: flickr/ Roberto Verzo, creative commons)
Alexander Richter 17 Apr 2015

The funds will be used to finance expansion projects, mainly the 10-megawatt expansion of the Maibarara geothermal plant.

More news come from the Asia this week, where Filipino listed firm PetroEnergy Resources Corporation will be raising P600-million (USD $13m) via stock rights offering to partly bankroll its expansion projects.

According to PetroEnergy, “the offer price will be computed based on the volume-weighted average price of the company’s common shares.”

It shall be reckoned at least five days from the approval of the offer by the Philippine Stock Exchange’s board of directors.

PetroEnergy vice president Francisco G. Delfin has noted that the proceeds of the offer will partly bankroll their expansion projects – primarily the 10-megawatt expansion of the Maibarara geothermal plant; 14MW phase 2 of the Nabas wind plant; as well as for the company’s ventures in Etame and Gabon in the African continent.

Company officials have indicated that they will reach decision point soon on the Maibarara plant expansion.

The geothermal plant was initially developed at 20MW capacity, but based on assessment, the steam extraction from the field could still be optimized.

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Source: Manila Bulletin