Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>Philippines>>Capital Markets>>Philippine Renewable buying up to 31.7% stake in EDC for P64.5 billion
NEWS UPDATES Asean Affairs    August 8,  2017  











Philippine Renewable buying up to 31.7% stake in EDC for P64.5 billion


Philippine Renewable Energy Holdings Corp. intends to acquire a minority stake in Energy Development Corp. (EDC) via a tender offer value at up to P64.525 billion.

In a regulatory filing on Monday, EDC said it received on August 3 a letter from Philippine Renewable, signifying its interest to acquire as much as 31.7 percent in EDC.

"Through this tender offer, the Bidder intends to acquire a minimum of 6.6 billion common shares up to a maximum of 8.9 billion common shares from shareholders of EDC, representing approximately up to 31.7 percent of the company's outstanding voting shares," it said.

Philippine Renewable priced the EDC shares at P7.25 apiece, compared with the 30-day volume weighted average of P5.93 per share.

"The tender offer price equates to a premium of 22.3 percent," EDC said.

EDDC stands to gain as much as P64.525 billion from the tender offer.

"The tender offer will start at 9:00 a.m. on August 10, 2017 and end at 12:00 p.m. on September 18, 2017," EDC said.

According to EDC, shareholders First Gen Corp. and its wholly-owned subsidiary Northern Terracota Power Corp. (NTPC) is taking part in the transaction by offering approximately 2 billion shares.

"The shares of First Gen and NTPC together represent approximately 10.6 percent of EDC's total outstanding common shares," it said.

Philippine Renewable also intends to hold a briefing and a Q&A with other EDC shareholders regarding the tender offer in Makati City on August 10.



Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories                          August 8, 2017 Subsribe Now !
• Southern industry to bolster links to maintain strong growth Subcribe: Asean Affairs Global Magazine
• China Ready accredits 2 more tourism firms
Government apologizes for worsening traffic because of LRT construction
Research Reports
on Thailand 2007-2008

• Textiles and Garments Industry
• Coffee industry
• Leather and footwear industry
• Shrimp industry

• Growth spurt of exports to Japan weakens in H1
• Philippine Renewable buying up to 31.7% stake in EDC for P64.5 billion
Asean Analysis                  July 31,  2017
• Asean Analysis July 31, 2017
A Dramatic Year Fails to Smooth the South China Sea
Advertise Your Brand

Asean Stock Watch   August 7 2017

• Asean Stock Watch-August 7, 2017
The Biweekly Update
• The Biweekly Update  July 31, 2017

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2017 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com