AC Energy is hoping to raise up to nearly Php20 billion by offering up to 2,430,248,617 billion common shares in its follow-on offering (FOO), based on the registration statement it submitted to the Securities and Exchange Commission and as disclosed to the Philippine Stock Exchange.
Planned to be held by mid-year, the FOO now aims to raise between Php14.6 billion and Php19.9 billion. This is an increase from the Php12 billion to Php16.4 earlier reported. The company’s executive board earlier this month approved the FOO’s price range between Php6.00 and Php8.20 per share.
The FOO and the stock rights offer (SRO) last January are part of AC Energy’s bid to raise a total of Php30 billion this 2021 to help reach its 5,000-megawatt (MW) renewables portfolio target by 2025, as well as to achieve its vision of becoming Southeast Asia’s largest listed RE firm. Over Php5.37 billion was raised from the SRO.
Singaporean investment fund GIC also recently bought a 17.5% stake in the Ayalas’ power arm.