Ayala-led ACEN has secured the approval of the Securities and Exchange Commission to change its corporate name and make amendments to the company’s primary and secondary purposes.
In a Friday disclosure to the Philippine Stock Exchange, the Ayala energy company announced that its corporate name had been changed from AC Energy Corp. to ACEN Corp.
ACEN had also removed oil exploration, mining, and other related activities from its primary and secondary purposes.
“To engage generally in the business of, and/or investing in, electric power development, generation, and distribution, to engage in retail electricity supply, and to provide guarantees or similar security arrangements,” ACEN Corp.’s primary purpose read.
The amendments also include the specification of retail electricity supply and provision of guarantees for the company’s purpose.
“The changes to the Primary Purpose and Secondary Purposes are intended to remove the activities that place the Company’s business under the purview of the Philippine foreign investment negative list, given that Company does not have operations in oil exploration, mining, and related activities, and to specify the Company’s authority to provide guarantees in furtherance of its business,” the company said in its disclosure.
ACEN Corp.’s amended Articles of Incorporation became effective on July 20, 2022.
Earlier, ACEN’s executive committee approved the offer and issuance of up to Php 10 billion in fixed-rate green bonds as part of the Php 30 billion debt securities.
The Ayala energy company currently has an attributable capacity of 3,800 MW across the Asia Pacific.
