Yuchengco power firm to raise P1.2B to fund renwable energy projects
PetroEnergy Resources Corp. is issuing P1.18 billion worth of shares to stockholders to further expand its presence in the renewable energy space.
The Philippine Stock Exchange has already approved PERC’s planned stock rights offering of 157.975 million shares at P7.50 each share.
Each qualified shareholder is entitled to one share for every 2.6 shares held as of Jan. 12, 2018.
Proceeds from the offering, which will run from Jan. 22 to 26, will be used for general corporate purposes and renewable energy projects.
PetroEnergy grew its nine-month profit by more than two-fold to $7.71 million, mainly driven by its 20 megawatt Maibarara geothermal power project in Batangas,, 36 MW Nabas wind farm in Aklan and its 50MW Tarlac solar power facility.