SEC approves Angeles Electric’s share sale

Iris Gonzales - The Philippine Star

MANILA, Philippines — The Securities and Exchange Commission (SEC) has given its green light to the direct public offering of Angeles Electric Corp.

In its meeting on December 7, the SEC en banc approved the registration statement of Angeles Electric covering 1.178 billion common shares, subject to the company’s compliance with certain remaining requirements.

Angeles Electric will offer to the public 207.02 million common shares at P3.42 per share.

The company expects to raise P708.01 million from the offering, which it plans to use to fund a portion of its capital expenditure projects over the next two years.

The offering will run from Dec. 18 to 22, based on the latest timetable submitted to the SEC. The shares may be sold to any person, domestic corporation, association, or partnership.

In the case of domestic corporations and associations, 60 percent of its total voting shares and total outstanding capital stock must be owned and held by Filipinos, in line with the foreign ownership limit for public utility companies at 40 percent of its outstanding capital stock, the SEC said.

Angeles Electric tapped Penta Capital and Investment Corp. as the sole underwriter for the transaction.

The offering is being made in compliance with Republic Act 9136, or the Electric Power Industry Reform Act (EPIRA), which states that generation companies shall offer and sell to the public a portion not less than 15 percent of their common shares to the public.

Headquartered in Angeles City, Pampanga, Angeles Electric operates an electric light, heat and power system, servicing around 132,000 customer accounts as of December 2022.

The SEC has been trying to introduce new capital-raising initiatives and schemes including making it a very friendly environment for power generators and distributors to meet the EPIRA requirement.

At present, there are around 150 power-related companies that could potentially list in the market or offer their shares to the public, said Vicente Graciano Felizmenio, director of the SEC’s Markets and Securities Regulation Department.

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