ACEN Corporation is purchasing Php 30 million worth of additional shares in its subsidiary, ENEX Energy Corporation. 

In a disclosure to the Philippine Stock Exchange, the firm signed a subscription contract purchasing around 30 million non-voting Preferred Shares in ENEX, priced at Php 1 apiece.

“The subscription price will be used to fund the operational requirements of ENEX, and transaction costs for the creation and issuance of the Preferred Shares,” said the firm.

ENEX is a listed company under ACEN to compete in the domestic and worldwide oil and gas exploration market, with the firm being the principal stockholder of ENEX. 

Currently, 5.45% of ENEX’s outstanding shares are owned by ACEN.

ACEN boasts an attributable capacity of approximately 4,200 megawatts (MW) across the Philippines, Vietnam, Indonesia, India, and Australia.

The firm looks to expand its renewable energy portfolio to 20 gigawatts (GW) by 2030.