PETROENERGY Resources Corp. has set the price of its stock rights offering at P4.8 per share, a discount over its average price in a 10-day trading period, the company said on Monday.
The Yuchengco-led company said the proceeds of the rights offering will fund renewable energy projects as well as general corporate purposes.
PetroEnergy is offering stockholders one rights share for every 2.6 common shares held as of record date of Jan. 12, 2018. It is offering 157,975,512 shares, which could fetch about P758 million given the final offer price.
The start of the rights offer period is on Jan. 22 and will end on Jan. 26, 2018.
At P4.80 per share, the final offer price was set at a 20% discount over the P6 per share volume weighted average of PetroEnergy for the 10-day trading day period from Dec. 19, 2017 up to Jan. 5, 2018, the company said.
On Monday, shares in PetroEnergy rose 3.05% to close at P6.08 each. — Victor V. Saulon
