Wednesday, August 8, 2018

Philippines: Geothermal Developer to Acquire Remaining Publicly-Held Common Shares

EDC delisting from PHL stock exchange (Business World)

Energy Development Corp. (EDC) said its board of directors had approved on Wednesday the voluntary delisting of the Lopez-led company’s common shares from the main board of the Philippine Stock Exchange (PSE).

In a disclosure to the exchange, the renewable energy company said it would conduct a tender offer for up to 2,040,006,713 common shares at P7.25 each that are held collectively by the public.

“The intention to eventually delist EDC was shared with the market last year and the tender offer that our board has approved today presents a meaningful opportunity for our minority shareholders to realize their investment prior to the delisting of the company, at a significant premium to the current share price,” EDC President and Chief Operating Officer Richard B. Tantoco stated.

According to its website Energy Development Corporation is a global geothermal energy industry pioneer and the recognized world leader in wet steam field technology. EDC is the Philippines’ largest vertically-integrated geothermal developer, delivering 1,457.8 MW of clean and renewable energy to the country.