AC Energy (ACEN) has set its follow-on offering (FOO) price at Php6.50/share, it announced in a disclosure to the Philippine Stock Exchange (PSE).
The FOO, slated for Monday (May 3) is “subject to compliance by the company with all the conditions prescribed by the Securities and Exchange Commission (SEC) and the [PSE].”
ACEN is aiming to raise Php13.1 billion from the upcoming sale, as it is offering up to 2.01 billion shares, based on its registration statement to the SEC. The primary offer would consist of 1,580,000,000 shares , while 330,248,617 shares will be part of the secondary offer, followed by overallotment of 100 million shares.
The FOO is part of AC Energy’s five-step plan to raise Php30 billion for its renewable energy projects this year. Also part of the plan are the Php5.37 billion stock rights offering last January and the Php11.88 billion private placement of Singaporean sovereign fund GIC Private Ltd.
The offer will last until May 7, while listing in the PSE would be on May 14.
Last Tuesday, ACEN announced that it has begun operating its 63-megawatt (MW) solar farm in Palauig, Zambales and has started working on its 72MW solar power plant project with Citicore Renewable Energy Corporation in Arayat and Mexico, Pampanga.