Jenniffer B. Austria
http://www.manilastandardtoday.com/
Listed Oriental Peninsula Resources Group. plans to raise as much as P500 million from a stock rights offering slated within the first half of the year.
Asian Alliance Investment Corp. president Roberto Atendido said Oriental Peninsula planned to use proceeds from the stock rights offering to finance the company’s entry in the power sector.
Oriental Peninsula in December approved the acquisition of a 40-percent interest in Oriental Energy Power Corp. Oriental Energy owns an approved service contract with the Energy Department to build an 18-megawatt mini-hydro power plant in Timbaban River, Aklan province.
Oriental Energy has also secured the endorsement of Aklan’s Sangguniang Panlalawigan for the project. The mini-hydro project, which will be operational in 2012, is expected to help ease the perennial power shortage in the Panay grid.
Oriental Peninsula plans to offer 448 million new common shares to shareholders as of a record date.
The company’s shareholders earlier approved an increase in the company’s authorized capital stock to P2 billion from P1.5 billion with a par value of P1 per share. Read more...
No comments:
Post a Comment