ACEN plans to sell P25b worth of preferred shares

By Alena Mae S. Flores – May 24, 2023, 6:20 pm
from manilastandard.net

ACEN Corp., the listed energy platform of the Ayala Group, said Wednesday it plans a public offering of 25 million preferred shares at P1,000 apiece for a total of P25 billion to support its renewable energy expansion.

ACEN said in a disclosure to the Philippine Stock Exchange it filed a registration statement with the Securities and Exchange Commission for the shelf-registration of up to 50 million preferred shares and the proposed public offer and sale of 25 million of such preferred shares.

The company said the preferred shares with a par value of P1 would be offered in tranches, which may be comprised of one or more series per tranche, at the discretion of ACEN, under the securities program.

The proposed public offer and sale will comprise 25 million preferred shares comprising of up to 12.5 million preferred shares, with an oversubscription option for another 12.5 million preferred shares at an offer price of P1,000 apiece in up to two series at the discretion of the company.