Trans-Asia Oil pays P350M for Holcim Philippines stake in power firm

Trans-Asia Oil and Energy Development Corporation on Thursday said it has disbursed P350 million to buy the 50 percent equity of partner Holcim Philippines Inc. in Trans-Asia Power Generation Corporation.

 

Mariejo Bautista, Trans Asia Oil vice president comptroller, told the Philippine Stock Exchange (PSE) the money was sourced from the P1.627 billion gross proceeds of its stock rights offering last year.

 

Trans-Asia Power, a joint venture of Trans Asia Oil and  Holcim Philippines, owns and operates a 52-megawatt power plant in Norzagaray, Bulacan. 

 

The transaction "is a power project opportunity” that forms part of Trans Asia Oil's October 30, 2012 prospectus on how and where it intends to spend the proceeds from the stock rights offer.

 

In a separate disclosure to the PSE on Wednesday, Trans-Asia Oil said it signed on Jan. 1 a share purchase agreement buy Holcim's stake in Trans-Asia Power for the full ownership of the power company. — VS, GMA News