AC Energy (ACEN) is eyeing its follow-on offering (FOO) on May 14, the company said during its annual stockholders meeting on Monday.
Based on a report from The Philippine Star, the date is still subject to regulatory approvals.
The Ayala-led firm also said in a disclosure to the Philippine Stock Exchange on Tuesday that it will be offering 420,000 secondary shares.
Combined together with the 1.58 billion primary shares, a total of two billion shares would be issued during the FOO priced between Php6.00 and Php8.20 per share. This means the firm aims to raise anywhere between Php12 billion and Php16.4 billion from the FOO.
The FOO is part of ACEN’s five-step plan to raise Php30 billion to fund its projects this year, which also include the Php5.37 billion stock rights offering last January and the Php11.88 billion private placement of Singaporean sovereign fund GIC Private Ltd.
AC Energy aims to build 5,000 megawatts in renewable energy (RE) capacity by 2025 and become the largest listed RE firm in Southeast Asia. This year, it aims to focus on developing solar, wind, and battery storage projects.