Power

Tarlac Electric plans P603M IPO

Utility firm Tarlac Electric is eyeing to raise P603.75 million from an initial public offering to comply with its franchise requirement to list its shares on the stock exchange.

Based on its application with securities regulators, Tarlac Electric plans to offer to the public 1.75 million primary shares at a price of P345 apiece.

Under its franchise, Tarlac Electric is mandated to sell 30% of its outstanding capital on or before the fifth year of its operations.

Proceeds from the IPO will be used to fund the company’s expansion projects, retire maturing short-term debt and for general working capital.

Tarlac Electric is building its three-story headquarters as well as upgrading its 69 kilovolt line from the National Grid Corp. of the Philippines.

Penta Capital & Investment Corpo. Is the sole underwriter for the offer.

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