Trans-Asia Oil and Energy Development Corporation (PSE:TA) signed a memorandum of agreement to acquire power barges 101, 102, and 103 from Power Sector Assets and Liabilities Management Corporation for PHP 420 million.

Trans-Asia Oil and Energy Development Corporation (PSE:TA) signed a memorandum of agreement to acquire power barges 101, 102, and 103 from Power Sector Assets and Liabilities Management Corporation for PHP 420 million in December 2014. Under the agreement, Trans-Asia will pay the agreed purchase price within 30 days. The total consideration in the amount of PHP 420 million is to be paid upon satisfactory submission of deliverables.

The transaction is expected to complete before the end of February 2015. Transaction is subject to obtain approval from Board of Directors of Trans-Asia. As of July 23, 2013, the transaction has been approved by Board of Director of Trans-Asia.