AC Energy (ACEN) subsidiary Bulacan Power Generation Corporation has acquired 23,284,346 shares of its parent firm via its recently-concluded stock rights offering (SRO) at Php2.37/share for a total purchase amount of Php55.2 million, ACEN said in a disclosure to the Philippine Stock Exchange.
Following the transaction, Bulacan Power now holds 30,253,617 AC Energy shares, according to the disclosure.
Prior to the SRO, Bulacan Power disposed over 13 million shares of its parent firm in October and November 2020 with prices ranging from Php3.80 to Php6.90/share.
Bulacan Power was formerly known as PHINMA Power Generation Corporation. AC Energy was formerly known as PHINMA Energy before it was acquired by Ayala Corporation in 2019.
Following the SRO, ACEN plans to raise Php16 billion through a follow-on offering by mid-year as part of a bid to put up a total of Php30 billion by year’s end to help realize its goals of building a total of 5,000 megawatts in its renewable energy (RE) portfolio by 2025 and to become the largest listed RE company in Southeast Asia.