Phinma Energy Corp. voluntary suspended the trading of its shares from Oct. 9 to Oct. 10 as the board discussed a share swap and stock rights offerings.
Phinma Energy disclosed to the Philippine Stock Exchange on Tuesday the board would discuss the share swap between the company and AC Energy Inc.
The board will also deliberate on the issuance of shares of stock in the company in favor of AC Energy in exchange for stocks in several Philippine subsidiaries and affiliates within a share price range to be determined in a fairness opinion of a financial valuation firm.
It will discuss the stock rights offering and the authority to determine the final issue size and offer price within a prescribed share price range.
“The transactions are expected to be taken up and approved by the company (Wednesday) and may affect market activity with respect to PHEN shares,” it said.
It said the trading suspension would give shareholders and the investing public the opportunity to consider the disclosures of the company on information relevant to the transactions.
AC Energy, the energy platform of Ayala Corp., in June completed the acquisition of a combined 51.48 percent stake in Phinma Energy by Phinma Inc. and Phinma Corp.
AC Energy acquired the PHINMA group’s stake through a purchase of secondary shares for P3.669 billion.
AC Energy also subscribed to 2.632 billion Phinma Energy primary shares at par value.
Meanwhile, the mandatory tender offer for PHEN shares ended on June 19 involving 156,476 shares.
AC Energy acquired a total of 7.5 billion shares of PHINMA Energy corresponding to 68 percent for a total value of P6.3 billion.
The Philippine Competition Commission has approved the transaction on April 11.