The Securities and Exchange Commission received on 17 November 2020 the registration statement of Tarlac Electric Inc. (TEI) for a primary offer and sale of 1.75 million common shares at an offer price of P345, for a total of P603.75 million.
The public offer is in line with Republic Act No. 10795, otherwise known as TEI’s franchise, which requires the company to publicly offer 30% of its outstanding capital stock to Filipino citizens on or before the fifth year of its operations.
Net proceeds from the offer will be used to fund the company’s expansion projects, to retire maturing short-term debt or obligations, and to fund its general working capital.
TEI engaged Penta Capital & Investment Corporation as sole underwriter for the offer.