Corporate News

Trans-Asia Petroleum wins PSE approval to list

Posted on August 02, 2014

TRANS-ASIA Petroleum Corp. (TAPET) has secured the bourse's approval for an initial listing by way of introduction, the Philippine Stock Exchange (PSE) said.

In a disclosure on Friday, the PSE said its board authorized on June 11 the listing of 250 million TAPET common shares on the Main Board. The shares have a par value of P1, and an initial listing price of P4.60.

TAPET, which has a market capitalization of P1.15 billion, is a wholly-owned subsidiary of Trans-Asia Oil and Energy Development Corp. (TA Oil).

The PSE said a total of 190,305,111 shares are held in escrow for a 365-day lock-up period.

Maybank ATR Kim Eng Capital Partners, Inc. was tapped to be the financial adviser.

On July 22, 2013, the parent company’s board of directors declared the distribution of 123,161,310 common shares from its total shareholdings of 249,999,989 common shares in TAPET, as dividends to shareholders of record as of August 5, 2013.

"The Property Dividend resulted in the distribution of TAPET shares to TA Oil shareholders at a rate of 2.55 TAPET common shares for every 100 TA Oil common shares held...," the PSE said.

The PSE also said its approval of TAPET’s listing by way of introduction is subject to compliance with all of the post-approval requirements of the Exchange. -- Daphne J. Magturo