(UPDATED) AC Energy has sold all of the 2,267,580,434 common shares it aimed to sell in its stock rights offering (SRO), which began on January 18 and concluded on January 22, raising over Php5.37 billion.
In a disclosure to the Securities and Exchange Commission and the Philippine Stock Exchange (PSE), the Ayala’s power arm said that it sold 2,094,898,876 shares in the first round allocation and 172,681,558 shares in the second round.
The rights shares, which were sold at Php2.37 apiece, will be listed with the PSE on Friday (January 29).
As a result of the SRO, AC Energy now has 15,960,037,644 common shares, meaning they are publicly owned.
AC Energy 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. The company aims to build 5,000-megawatt renewable energy portfolio by 2025, half of which it looks to achieve this year.