SEC gives green light for ACEPH to hike capital to P24.4B
By Jordeene B. Lagare – July 1, 2020
from The Manila Times
THE Securities and Exchange Commission (SEC) has approved a higher capital for AC Energy Philippines Inc. (formerly Phinma Energy Corp.) to P24.4 billion to scale up its expansion plans.
In a disclosure on Tuesday, ACEPH said the SEC notified them of the approval of the increase of authorized capital stock to P24.4 billion from P8.4 billion, and amendments to its articles of incorporation.
ACEPH previously announced its plans to raise capital through a rights offering, and for which additional primary shares will need to be created and issued.
“Additional capital will be used for investments in greenfield projects and acquisition of power assets, including part of AC Energy’s on-shore power generation and development assets,” it added.
It also authorized the change of its corporate name as well as corporate address “for alignment, operational and management efficiency.”
To recall, in June last year, AC Energy Inc., the energy platform of Ayala Corp., completed the acquisition of Phinma Energy for P6.3 billion.
AC Energy is in the process of consolidating its Philippine and international platforms as part of efforts to restructure the power business of the Ayala Group.
Subject to regulatory approvals, the transaction is expected to close within the year. This involves issuance of additional primary shares of ACEPH stock in favor of AC Energy.
It is in exchange for property consisting of shares owned by AC Energy in its subsidiary Presage Corp., which holds AC Energy’s international renewable energy portfolio.
The move would change ACEPH’s corporate name into AC Energy Corp., as well as raise the authorized capital stock to P48 billion.
AC Energy President and Chief Executive Officer Eric Francia had said the combined platform have an attributable capacity of around 1,500 megawatts (MW) in operations and under construction, of which 60 percent is from renewables.
ACEPH shares rose by 6 centavos or 2.76 percent to end at P2.23 each on Tuesday.
