Image via WikipediaHigh-end developer Century Properties is undertaking a tender offer to acquire the remaining shares of East Asia Power Resources Corporation after sealing a deal to buy 93.58 percent of the firm in order to list via the backdoor.
In a disclosure to the Philippine Stock Exchange, East Asia said Century has bought control of the company for P127.41 million and will be making a P9.12-million tender offer for the remaining public shares.
Century has acquired 1.89 percent of East Asia Power, equivalent to 67.1 million common shares from El Paso Philippines Energy Company and an indirect 91.7 percent by buying 284.25 million common and preferred shares of EPHE Philippines Energy Company.
The purchase price of these shares is equivalent to P0.038 per share but Century is offering to buy the remaining 228.11 million East Asia Power shares for P0.04 per common share.
The tender offer starts on June 3, 2011 and end on July 11, 2011 while payment will be made in cash on July 15, 2011. Venture Securities Inc. is the transaction broker.
As part of the agreement with Century, East Asia’s board has approved the sale of its dormant subsidiaries East Asian Transmission and Distribution Corporation and East Asia Power Services Inc. last May 27.
http://mb.com.ph/node/321005/century-propertie
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