The Trans-Asia Oil and Energy Development Corporation is planning to spin off its oil and gas exploration business and establish a separate subsidiary for it. Trans-Asia eventually plans to issue the subsidiary’s shares as a property dividend and set aside a certain portion that will be offered to the public for subscription. It is seeking approval from the Department of Energy to transfer Trans-Asia’s service contracts to the subsidiary. By creating a separate entity for the oil exploration business, Trans-Asia is aiming to focus on its power generation business.
