Phinma Energy Corp. said Tuesday it will conduct a tender offer to shareholders of Phinma Petroleum and Geothermal Inc. as a part of the sale of its shares to AC Energy Inc., the power unit of the Ayala Group.
PPG, formerly Trans-Asia Petroleum Corp., is a wholly-owned subsidiary of Phinma Energy.
Phinma Energy currently owns 126,838,679 common shares, representing 50.735 percent of the total issued and outstanding capital stock of PPG. After the transaction, it will own an aggregate of 189,801,107 common shares, representing 75.92 percent of the total issued and outstanding capital stock of the company.
Phinma Energy will be making a voluntary tender offer for the remaining 59,208,851 common shares representing 23.684 percent.
“The terms of the tender offer shall be announced separately on the date of the commencement of the tender offer,” it said.