PERC secures P758M rights bid

Micole M. Vergaño | January 9, 2018

Yuchengco group-led Petro Energy Resources Corp. (PERC) offered a stock rights worth P758.3 million and the benefits will be used for the expansion of its renewable energy businesses.

According to a memorandum posted by the Philippine Stock Exchange, PERC gives an offering of shares to existing shareholders at P4.80 per share.

PERC has a quoata of around 157.975 million shares. Shareholders are required to subscribe to one new share for every 2.6 common shares held as of record date January 12 of this year.

The offering will run from Jan. 22-26 this year while tentative listing date on the local stock exchange is on February 2. RCBC Capital Corp. acts as the headwriter for the transaction.

Formerly Petrotech Consultants Inc., it was changed into PERC in 1997 but organized in 1994 to provide specialized technical services to companies exploring for oil in the Philippines and in 2009, the Securities and Exchange Commission approved its entry into the business of generating power from conventional and renewable sources of power.

PWEI's success will not be possible without the help of it's partner companies such as Petro Green Energy Corporation (with a 40 percent stake), BCPG Public Co. Limited of Thailand (with 40 percent), and EEI Power Corp. (with20percent). Petro Green is the 90percent-owned subsidiary and the renewable energy holding company of PERC.

“PWEI has been consistently achieving its target generation over the past two years. Despite seasonal variations, the consistently good wind trends over our facility has enabled us to record above average capacity factors. As a result, Nabas-1 hit 250GWh generation milestone in only 31 months while a similar-sized plant running at typical Philippine wind industry capacity factors would have reached it in 35 to 44 months, ”PGEC Energy Trading Head Dave Gadiano said inpress statement on Tuesday.

PERC’s principal oil exploration properties consist of various oil areas are in the Philippines specifically in Northwest Palawan, Offshore Mindoro and East Visayan sea. It has also international service contract located in Gabon, South Africa.