Posted on 09:57 PM, January 18, 2010 [ BusinessWorld Online ]
Listed Trans-Asia Oil and Energy Development Corp. has signed a contract allowing it to purchase a portion of the 108-hectare Phoenix Petroterminals and Industrial Park in Batangas from the Bacnotan Industrial Park Corp.
In a disclosure to the stock exchange yesterday, Trans-Asia said it would have the option to buy until April 1 a total of 78,900 square meters, or about 8 hectares, of the terminal.
The total purchase is P333 million, to be paid in tranches upon exercise of the option.
The firm did not provide further details. Officials could not be reached for comment.
Trans-Asia, the power unit of the Phinma group, posted P37.2 million in profits for the third quarter of 2009, reversing a net loss of P78.9 million in the same period last year.
Trans-Asia has investments in electricity trading, power generation, renewable energy, mining, and housing development, through Phinma Property Holdings Corp.
Shares in Trans-Asia stayed at P1.28 apiece yesterday.
Bacnotan Industrial Park Corp. is owned by listed Phoenix Petroleum Philippines, Inc. The company purchased the industrial estate for P680 million early last year.
Phoenix Petroleum has a total of 109 fuel stations in Luzon, Cebu, and Mindanao. It is the first retail oil company to be publicly listed after the Oil Deregulation Law of 1998.
Shares in the oil firm closed 1.4% lower at P7 apiece yesterday.
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