LOPEZ-LED Energy Development Corp. (EDC) will officially be removed from the Philippine Stock Exchange (PSE) on Thursday, Nov. 29.
In a notice posted late Friday, the PSE said its board of directors has approved EDC’s petition for voluntary delisting.
Prior to the approval, EDC had bought back 2.01 billion common shares at P7.25 each from the public during its tender offer of up to 2.04 billion common shares. This represents about 10.72% of the company’s outstanding voting shares.
The tendered shares were then crossed from the PSE on Nov. 5. With this, only around 0.16% of EDC’s outstanding common shares are held by the public.
EDC first announced its intention to delist from the local bourse in September 2017, as it pursued a corporate strategy that would “require greater flexibility” to support the company’s long-term growth.
Incorporated in 1976, EDC has grown to be the country’s largest renewable energy producer, holding 1,472 megawatts (MW) of capacity from a combination of hydro, solar, and wind power plants. It also has almost 1,200-MW from geothermal energy sources.
The company generated a net income attributable to the parent of P6.07 billion in the first nine months of 2018, 2% higher year-on-year as gross revenues rose 13% to P27.75 billion. — Arra B. Francia
