Business

AC Energy advances rights offer

AC Energy advances rights offer

MANILA, Philippines — AC Energy Philippines Inc. (ACEN) is advancing its stock rights offering (SRO) to this month.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, ACEN said it revised the offer period for the SRO to Jan. 18 to 22, subject to regulatory approvals

“ACEN initially set the offer period from  Feb. 1 to 5, 2021 to ensure widest dissemination and participation in the SRO and for this purpose requested for an extension of the validity of pertinent regulatory approvals,” the firm said.

“Given the imminent ex-rights date and record date, ACEN deemed it prudent to finalize the dates based on the existing regulatory approval that requires a January 2021 completion,” it said.

The offer will consist of 2.27 billion common shares at P2.37 apiece, subject to the approval of the Securities and Exchange Commission (SEC).

The shares to be offered shall be as of record date of Jan. 13.

The SRO will have two rounds and a domestic institutional offer.

The first round will involve 2.27 billion shares.  The unsubscribed offer shares will then  be offered in the second round to “those shareholders that exercised their rights in the prior round and had simultaneously signified their intention to subscribe to any unsubscribed rights shares by tendering payment of the total offer price of all rights shares subscribed to – including all rights shares in excess of their entitlements.”

Meanwhile, under the domestic institutional offer, the joint lead underwriters will sell the remaining rights shares to qualified buyers at the same offer price.

ACEN tapped BPI Capital Corp. and China Bank Capital Corp. as the joint lead underwriters.

Proceeds  from the issue will be used to “partially fund the development of its various power projects, inorganic growth opportunities as and when they arise, and its other general corporate requirements.”

In another disclosure, ACEN said it secured the approval of the SEC to change its name to AC Energy Corp.

“The change in corporate name is meant to align the company’s name with the expanded scope of business of the company resulting from the consolidation of the international business operations of AC Energy Inc. into the company via a tax-free exchange (assets-for-share swap),” the disclosure said.

AC Energy is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

It aims to exceed five gigawatts of attributable capacity – with projects here and abroa and generate at least 50 percent of energy from renewables by 2025.