(UPDATED) Ayala-led AC Energy aims to raise as much as Php16.4 billion through its follow-on offering (FOO), which it plans to hold by the middle of the year.
In a disclosure to the Philippine Stock Exchange, the company said that its executive committee set the FOO’s price range between Php6.00 and Php8.20 per share.
Up to two billion primary shares would also be issued “with secondary shares to be included as part of the total offering size to be determined at a later date,” the disclosure read further.
The FOO is part of AC Energy’s bid to raise Php30 billion this year to help reach its target of having 5,000 megawatts in renewable energy (RE) portfolio by 2025 and its vision to become Southeast Asia’s largest listed RE firm. The company recently secured over Php5.37 billion from its stock rights offering, wherein it sold over 2.2 billion shares at Php2.37 apiece.
AC Energy ended as the fourth biggest loser in the stock market on Thursday following the FOO disclosure, closing 6.85% or Php0.53 lower at Php7.21/share from Php7.74 on Wednesday.