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AC Energy eyes rights offer in February
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said the SRO would commence on Feb. 1 and end on Feb. 5.
STAR/File

AC Energy eyes rights offer in February

Danessa Rivera (The Philippine Star) - December 24, 2020 - 12:00am

MANILA, Philippines — AC Energy Philippines Inc. (ACEN) is eyeing to conduct its stock rights offering in early February next year.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, ACEN said the SRO would commence on Feb. 1 and end on Feb. 5.

The offer will consist of 2.27 billion common shares at P2.37 apiece, subject to the approval of the Securities and Exchange Commission (SEC). Entitled to subscribe to the shares are stockholders as of record of Jan. 13.

ACEN, however, said the dates remain subject to the approval of the SEC and PSE.

“The dates may be adjusted at the discretion of the company and the joint lead underwriters,” the company said.

The SRO will have two rounds and a domestic institutional offer.

ACEN will offer 2.27 billion shares in the first round, while the unsubscribed shares would be offered in the second round to “those shareholders that exercised their rights in the prior round and had simultaneously signified their intention to subscribe to any unsubscribed rights shares by tendering payment of the total offer price of all rights shares subscribed to – including all rights shares in excess of their entitlements.”

Meanwhile, under the domestic institutional offer, the joint lead underwriters would sell the remaining rights shares to qualified buyers at the same offer price.

ACEN tapped BPI Capital Corp. and China Bank Capital Corp. as the joint lead underwriters.

Proceeds will be used to “partially fund the development of its various power projects, inorganic growth opportunities as and when they arise, and its other general corporate requirements.”

ACEN, the energy platform of Ayala Corp., is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

The company aims to exceed five gigawatts of attributable capacity – with projects here and abroad – and generate at least 50 percent of energy from renewables by 2025.

AC ENERGY PHILIPPINES INC.
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