PHINMA Energy Corp. and its unit Phinma Petroleum and Geothermal, Inc. (PPGI) have named new directors to take over the seats vacated by their previous owners in line with the takeover by Ayala-led AC Energy, Inc. of the listed energy companies. Gerardo C. Ablaza, Jr., Jose Rene Gregory D. Almendras, and John Philip S. Orbeta […]

24 June 2019 – AC Energy, the energy platform of Ayala, has completed the acquisition of PHINMA Inc.’s and PHINMA Corporation’s (collectively, “PHINMA”) combined 51.48% stake in PHINMA Energy corporation (“PHEN”). AC Energy acquired PHINMA’s stake via a purchase of secondary shares for PhP 3.669 billion, AC Energy has also subscribed to 2.632 billion PHEN […]

PHINMA Petroleum and Geothermal, Inc. (PPG) has withdrawn from a service contract that sought to explore the possibility of geothermal energy in Leyte, the company told the stock exchange on Thursday. The energy exploration company, a unit of Phinma Energy Corp., said it would recognize a loss of P32.7 million for the write-off of its […]

MANILA, Philippines — Phinma Energy Corp. is conducting a tender offer to minority shareholders of its subsidiary Phinma Petroleum and Geothermal Inc. (PPG). In a disclosure to the Philippine Stock Exchange, Phinma Energy said it is buying as much as 62.96 million common shares of PPG. The amount represents 25.18 percent of the total issued […]

The energy investment arm of the Ayala group plans to eventually unload the upstream petroleum part of its acquisition from the Del Rosario-led PHINMA Energy Corporation. “The upstream oil and gas is not our core… so we’ll need to study what to do with those after the deal closes, but we have no intention of […]