Monday 18 June
Powered by Ajaxy
Aug 3, 2017 @ 18:15

EDC to delist after entry of new investors


Energy Development Corp. (EDC) of the Lopez group will eventually be delisted if the consortium led by Macquarie Infrastructure and Real Assets (MIRA) and Arran Investment Pte Ltd (Arran) of Singapore-based GIC Private Ltd. gets the maximum out of its tender offer.

It was earlier reported that Philippines Renewable Energy Holdings Corp. (PREHC) offered to buy up to 31.7 percent of EDC, of which its parent First Gen Corp. agreed to sell its 10.6 percent in its subsidiary.

If PREHC successfully acquires its maximum bid, EDC’s public float will be reduced from 50 percent to around 12.5 percent.

The Implementation Agreement between First Gen and PREHC envisions “the eventual delisting of EDC from the Philippine Stock Exchange and its subsequent conversion to a non-public / non-reporting company.”

First Gen president and COO Francis Giles Puno said the focus today was atendering exercise.

Tags: , , , , , ,

Related Stories
First Gen Corp. has taken in a strategic partner in Energy Development Corp. (EDC) after
Andrew Tan’s Emperador Inc. raised P12.3 billion from the listing of additional 1.12 million shares
Red Vulcan Holdings Corp., a wholly-owned subsidiary of First Gen Corp., has signed a shareholders’
First Gen Corp. of the Lopez Group is studying the potential of investing in bespoke


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.