ACEN pours Php350M into energy development subsidiary

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AC Energy (ACEN) has invested Php350 million by signing a subscription agreement with subsidiary ACE Endevor, Inc.

In a disclosure to the Philippine Stock Exchange, ACEN said that it bought 3.5 million Redeemable Preferred Shares of Endevor for Php100 apiece on Friday (March 12). The amount was issued out of the increase in Endevor’s authorized capital stock.

Endevor has a stake in the Ayala Group’s diesel power plant project near the Malaya Thermal Power Plant along the shores of Laguna De Bay in Pililla, Rizal.

Endevor will use the transactions’ proceeds to fund its projects’ pre-development and equity funding requirements. The subsidiary is intended to be ACEN’s project development, management, and operations platform.

The transaction is still subject to the approval of the Securities and Exchange Commission.

 

 

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