ACEN Corporation, under the Ayala Group and a major player in the energy sector, announced today that its Board of Directors has approved a stock rights offering (SRO) aimed at raising up to Php 30 billion in fresh capital.
In a disclosure to the Philippine Stock Exchange and the Securities and Exchange Commission, ACEN said the new shares will be offered to existing shareholders, with a minimum indicative price of Php 2.30 per share. The offering is subject to final regulatory approvals and favorable market conditions, with a launch date to be announced down the line.
The common shares to be issued will come from ACEN’s currently unissued stock and an approved increase in its authorized capital, previously ratified by the board and shareholders on March 10 and April 23, respectively.
“The final terms of the SRO—including the issue size, entitlement ratio, and final offer price—will be disclosed prior to the launch,” the company said in its filing.
Major shareholders AC Energy and Infrastructure Corporation and Singapore-based Arran Investment Pte Ltd have both shown major support for the action, committing to subscribe to their pro rata share once the final details are confirmed.
The capital raised through the offering is expected to support ACEN’s expansion and investment in the renewable energy sector, which has always been one of the company’s most important initiatives.
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