PetroEnergy sets rights offer price at P4.80
PetroEnergy Resources Corp., the oil exploration concern of the Yuchengco family, has set the price for its stock rights offering at P4.80 each share.
The company is offering 157.975 million shares to qualified stockholders from Jan. 22 to 26. Each investor can buy one share for every 2.6 shares held as of Jan. 12.
The offer price represents a 20 percent discount over the stock’s volume weighted average for the last 10 trading days from Dec. 19, 2017 to Jan. 5 next year.
Proceeds from the offering, amounting to P758.26 million, will be used to fund renewable energy projects which are estimated to cost P6.7 billion.
Among PetroEnergy’s projects include the 12-megawatt Maibarara geothermal power project expansion in Batangas, a 10-MW hybrid solar plant in Puerto Princesa, Palawan, the 14-MW expansion of the Nabas wind farm in Aklan, and the 490MW Tarlac-2 solar facility.
These projects, once completed, will nearly double PetroEnergy’s capacity.