AC Energy Corporation (ACEN) and AC Energy and Infrastructure Corporation (ACEIC) have finalized their property-for-share swap deal as part of ACEN’s move to consolidate its local and foreign energy platforms.
In a disclosure to the Philippine Stock Exchange on Tuesday, ACEN said it signed a Deed of Assignment with ACEIC. Under the deal, ACEN will issue around 16.7 billion shares to ACEIC at Php5.15 apiece for a total of Php85.9 billion. This is in exchange for 1.7 billion common shares of ACEIC and 15 billion redeemable preferred shares in AC Energy International, Inc., or property consisting of 100% of ACEIC’s shares in AC Energy International, Inc.
The shares will be issued out of the increase in the company’s authorized capital stock to Php48.4 billion, which increase was previously approved by the company’s board of directors last March 18 and approved by stockholders holding at least 2/3 of the outstanding capital stock during ACEN’s annual stockholders’ meeting last April 19.
ACEN’s capital stock increase, as well as the valuation of the property assigned by ACEIC to ACEN are subject to the review and approval of the Securities and Exchange Commission.
On Tuesday, ACEN announced that it has begun operating its 63-megawatt (MW) solar farm in Palauig, Zambales. It has also begun construction of its 72MW solar plant joint venture with Citicore Renewable Energy Corporation in Arayat and Mexico, Pampanga.