AC Energy moves stock rights offer to January 18


AC Energy, the Ayala group’s power arm, has moved its stock rights offer (SRO) period two weeks earlier than previously scheduled, based on the company’s disclosure to the Philippine Stock Exchange.

Under the company’s final timetable for the SRO, the offer period would now run from January 18 to 22, subject to regulatory approvals. The listing date would be on January 29, while the ex-rights and record dates remain on January 8 and 13, respectively.

AC Energy previously disclosed on December 23, 2020 that the offer period would be from February 1 to 5.

A total of 2,267,580,434 common shares priced at Php2.37 each will be issued during the SRO.  The company will use the proceeds from the rights offer to partly fund the development of its various power projects, inorganic growth opportunities, and other corporate requirements.

In another development, AC Energy signed an Investment Agreement with Arran Investment Pte. Ltd., an affiliate of Singapore-based GIC Private Limited last December 30. Under the deal, GIC acquired 17.5% ownership stake in AC Energy Philippines (ACEN), the company’s unit for its local power projects. ACEN’s board of directors approved the investment in November.

GIC’s investment will be implemented through a combination of subscription to four billion primary shares through a private placement and purchase of secondary shares from AC Energy.

“The completion of the subscription by the GIC affiliate to primary shares is subject to the satisfaction of agreed conditions precedent, which includes among others, the completion by ACEN of its stock rights offering, which is expected to occur in the first quarter of 2021, and applicable regulatory approvals,” AC Energy said in a statement.

“On the other hand, the completion of the purchase by the GIC affiliate of secondary shares from AC Energy is subject to the completion of the infusion by AC Energy of its international business into ACEN by way of a property for shares swap, which is expected to occur in the third quarter of 2021, and applicable regulatory approvals,” the statement continued.