ACEPH to invest P13M more in Giga Ace 1

By Jordeene B. Lagare – March 5, 2020
from The Manila Times

AC Energy Philippines Inc. (ACEPH) is infusing another P13 million in its wholly-owned subsidiary Giga Ace 1 Inc. to finance the latter’s administrative and operating costs. In a disclosure, the Ayala-led company said it signed a subscription agreement which covers a total of 1,202,500 shares of Giga Ace 1, which was broken down as follows: 1,170,000 common shares and 32,500 Class A redeemable preferred shares (RPS) to be issued out of the increase in the authorized capital stock of Giga Ace 1. ACEPH shall pay P11.7 million in cash for the 1,170,000 common shares and P1.3 million for the 32,500 RPS A. The creation of new shares and increase in capital is yet to be approved by the Securities and Exchange Commission. ACEPH shares went down 1 centavo or 49 percent to close at P2.05 apiece on Wednesday.