Trans-Asia Petroleum to Seek Listing by Way of Introduction

Manila Bulletin, August 10, 2013 | Go to article overview

Trans-Asia Petroleum to Seek Listing by Way of Introduction


Trans-Asia Oil and Energy Development Corporation is planning to list its newly-spun-off subsidiary Trans-Asia (TA) Petroleum Corporation with the Philippine Stock Exchange (PSE) after distributing its shares as a property dividend.

In a disclosure to the Philippine Stock Exchange, Trans-Asia corporate secretary Juan Diaz said its board has authorized the registration of TA Petroleum with the Securities and Exchange Commission.

It also authorized the listing by way of introduction on the Main Board of the PSE of 100 percent of TA Petroleum's shares.

The firm issued TA Petroleum shares as a dividend so Trans-Asia shareholders will have a direct stake in the company and thus increase its public ownership.

The PSE allows listing without an initial public offering for companies that already have a wide base of stockholders provided that they undertake an IPO within a year.

As part of TA Petroleum's listing plans, the Trans-Asia board resolved to impose a one year lock-up period on TA Petroleum shares of shareholders owning at least 10 percent of its outstading capital.

Also to be locked up are shares that are not yet fully paid but issued 180 days prior to the listing date at a transaction price lower than the listing price.

Trans-Asia disclosed earlier that it declared a dividend comprising of shares of stock in TA Petroleum at the rate of 2.55 TAPC shares for every 100 Trans-Asia shares held, and cash in the amount of R0.013 per share to Trans-Asia's shareholders of record as of August 5, 2013. …

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