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Philippines’ EDC to be delisted from Stock Exchange after November 29, 2018

EDC Website snapshot
Alexander Richter Alexander Richter 26 Nov 2018

Following a successful tender for the buyback of shares on the Philippines Stock Exchange, Energy Development Corp. (EDC) will be delisted from the exchange this week on Thursday, November 29, 2018.

As prepared for over the past year or so, it is now announced that shares of Energy Development Corp. (EDC) will be delisted from the Philippines Stock Exchange this week on Thursday, November 29, 2018.

Trading of the shares had been suspended due to the company’s failure to comply with the 10-percent minimum public ownership requirement. The company filed for a voluntary delisting following the approval by the company’s board of directors and the acquisition, through the conduct of a tender offer, of up to 2.04 billion EDC shares in September this year.

The Tender was completed at the end of last month with a total of 2.01 billion common shares bought for P7.25 (about $0.135) per share. Following the closure of the tender, the remaining public shares of EDC accounted for approximately 0.16 percent of the company’s total outstanding common shares.

EDC is the Philippines largest renewable energy producer with a total power generation capacity of 1,458 MW (from geothermal, wind, hydro, and solar.

The Company currently, directly and indirectly, owns and operates eleven geothermal power plants with a total installed capacity of 1,169 MW.  EDC, through its indirect wholly owned subsidiary Green Core Geothermal, Inc., operates the 192.5MW Palinpinon and 112.5MW Tongonan geothermal power plants.  Bacman Geothermal, Inc., another indirect wholly owned subsidiary of EDC, operates the 130MW Bacman geothermal power plant. With its operations in the Philippines, EDC is one of the largest geothermal operators in the world with also international development interests in Chile and Peru, as well as Indonesia as announced earlier this year.

Source: Manila Standard