AC Energy details follow-on offering

By Alena Mae S. Flores – February 16, 2021 at 06:20 pm
from manilastandard.net

AC Energy Corp. (ACEN), a unit of Ayala Corp., has filed a registration statement with the Securities and Exchange Commission for the company’s planned follow-on offering that will generate gross proceeds of P19.93 billion.

ACEN disclosed to the Philippine Stock Exchange on Tuesday it submitted a registration statement for up to 2,430,248,617 common shares (primary and secondary shares with over-allotment) with the SEC for the planned follow-on offering at a price range between P6 and P8.20 apiece.

ACEN said in its prospectus the offering period will begin on April 28 and end on May 4. The company expects to list the shares at the PSE on May 11.

ACEN and selling shareholders expect to raise gross proceeds of up to P19.93 billion from the primary and secondary offer, assuming the over-allotment option is exercised in full.

It expects to raise net proceeds of P16.01 billion from the sale of the primary shares that will be used by the company to partially fund development of projects in the pipeline.