ACEN to create preferred shares

MANILA, Philippines — ACEN Corp. is looking to amend its articles of incorporation in order to create preferred shares that will diversify the company’s sources of funding.

ACEN, in a disclosure to the Philippine Stock Exchange, said its board approved the amendment of the seventh article of the company’s articles of incorporation to create preferred shares.

This will be done through the reclassification of 100 million unissued common shares into preferred shares.

“The creation of preferred shares is intended to diversify the corporation’s sources of funding and to enable access to a wider base of institutional and retail investors,” ACEN said.

The amendment of the company’s articles of incorporation is subject to stockholders’ and regulatory approvals.

ACEN said the proposed amendment would be presented to its stockholders for approval at the company’s annual meeting on April 24.

Meanwhile, ACEN said other matters approved at the regular board meeting include the procurement of additional credit facilities of up to P32 billion, as well as modifications and entry into a sustainability-linked loan facility with Asian Development Bank and Bank of Philippine Islands, subject to finalization of loan terms.

Also approved was the company’s net zero greenhouse gas emissions by 2050 strategy and roadmap, which include assessments on potential emission reduction activities and the establishment of near-term targets aligned with a science-based 1.5 degrees Celsius pathway across the core business units.

ACEN, the listed energy platform of the Ayala Group, has about 4,000 megawatts (MW) of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India and Australia.

The company aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.

It is also committed to transition the company’s generation portfolio to 100 percent renewable energy by 2025.