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.