Ayala Energy sells 2.7m shares to a unit of GIC

By Alena Mae S. Flores – December 06, 2021 at 06:10 pm
from manilastandard.net

AC Energy and Infrastructure Corp., a unit of conglomerate Ayala Corp., signed an agreement to sell 2,689,521,681 secondary shares of AC Energy Corp. to Arran Investment Pte Ltd., an affiliate of Singapore sovereign wealth fund GIC Private Ltd.

The ACEN shares are priced of P3.4678 apiece or for a total of P9.327 billion.

“The sale of secondary ACEN shares to Arran is meant to implement the Investment Agreement that the parties signed on December 30, 2020 to enable Arran to own 17.5 percent of the outstanding capital stock of ACEN post completion of ACEN’s follow-on offering and the infusion by ACEIC of its international assets into ACEN,” Ayala said in a disclosure to the Philippine Stock Exchange on Monday.

ACEIC is the holding company for Ayala’s energy and infrastructure businesses.

Ayala said the price at which the shares were sold to Arran follows the pricing mechanism as agreed by the parties in their December 30, 2020 investment agreement,.

Ayala said the sale of shares is scheduled to be completed on December 10, 2021, subject to applicable regulatory approvals.