C00173-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 4,885,897,908 |
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Subject of the Disclosure |
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Subscription of shares |
Background/Description of the Disclosure |
Subscription by PHINMA Energy Corporation to the preferred shares of Trans-Asia Renewable Energy Corporation ( TAREC ) |
Date of Approval by Board of Directors |
Dec 8, 2015 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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To provide funds to the subsidiary and build up its capital base |
Date | Jan 11, 2017 |
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Manner |
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Full payment in cash . |
Description of the company to be acquired or sold |
Trans-Asia Renewable Energy Corporation is engaged in renewable energy generation |
Number of shares to be acquired or disposed | 1,600,000,000 |
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Percentage to the total outstanding shares of the company subject of the transaction | 32 |
Price per share | 1.00 |
Nature and amount of consideration given or received |
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Full payment in cash of P1,600,000,000 |
Principle followed in determining the amount of consideration |
Par value of shares |
Terms of payment |
Full payment in cash |
Conditions precedent to closing of the transaction, if any |
SEC Approval |
Any other salient terms |
This is a subscription to shares of the Company |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Trans Asia Renewable Energy Corporatio n (TAREC) | TAREC is a wholly-owned subsidiary of PHINMA Energy Corporation |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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In accordance with Philippine Financial Reporting Standards, no gain or loss will be recognized on the transaction. |
Other Relevant Information |
None |
Name | Cecille Arenillo |
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Designation | Compliance Officer |