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THE PHILIPPINE Stock Exchange has approved the P1.16-billion stock rights offer by Phinma-led Trans-Asia Oil and Energy Development Corp., which is raising fresh funds for power generation.
In a memorandum posted yesterday, the PSE said its board had approved the listing of 1.16 billion additional common shares to be issued by Trans-Asia to cover an equity offering to all shareholders .
Each eligible shareholder is entitled to subscribe to seven right shares for every 10 existing shares held as of record date of May 18.
The offer price of P1 per share represents a discount of 21.9 percent on the market price of Trans-Asia as of March 21, the date the rights …