By Myrna M. Velasco – December 11, 2020, 4:00 PM
from Manila Bulletin
Ayala-led AC Energy Philippines Inc. (ACEN) has secured the approval and confirmation of the Securities and Exchange Commission (SEC) on its stock rights offering (SRO) which is targeted next year.
The Ayala energy firm is eyeing to float 2,267,580,434 common shares on its first round SRO and it will be offered at a price of P2.37 per share, as stated in the SEC confirmation-letter disclosed to the Philippine Stock Exchange.
Tapped as joint lead underwriters for the rights offer and the institutional offer are BPI Capital Corporation and China Banking Corporation.
“The rights shares shall be offered on a pre-emptive rights basis to eligible shareholders of the company,” which shall be set on a prescribed record date, according to the SEC approval.
The offer price, as noted, was “determined based on the valuation report in respect of ACEN’s shares.”
It was emphasized that the holders of common shares as of the record date who are eligible to participate in the rights offer shall be: the holders located inside the Philippines; as well as the holders located outside the Philippines “where it is legal to participate in the rights offer under the securities laws of such jurisdiction.”
AC Energy has been directed to “set the record date,” within a timeframe which shall not be less than 15 trading days from the approval of the PSE board of directors.
There will also be a mandatory second round of the SRO, wherein “the unsubscribed rights shares from the first round of the rights offer shall be offered 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.”
It was further stipulated that “subscription to the additional rights shares are payable in full upon submission of the application.”
The SRO is part of the corporate restructuring process that the Ayala company will be pursuing next year, which shall also include the P20 billion private placement that Singapore wealth fund GIC Private Ltd. will be injecting into the Filipino-led energy firm.
AC Energy has been advancing massive renewable energy projects, not just in the Philippines, but also in offshore markets that include Australia, India, Vietnam and the rest of the Southeast Asian region.
The company is setting its goal on aggregate 2,500 megawatts RE capacity by next year, which is already half of its 2025 overall investment target of 5.0 gigawatts.
PHILIPPINE POWER INSIGHTS 