AC Energy has set its stock rights offer (SRO) for February of next year, based on its December 23 disclosure to the Philippine Stock Exchange.
Ayala’s power unit said that the offer period will commence on February 1, 2021 and will run until February 5. A total of 2,267,580,434 common shares priced at Php2.37 each will be issued during the SRO. The record date of the offer was set for January 13.
Shareholders in the Philippines can participate in the offer. Those outside the Philippines can also take part as long as it is legal for them to do so.
“The net proceeds will be used by the [company] to partially fund the development of its various power projects, inorganic growth opportunities as and when they arise, and its other general corporate requirements,” the Ayala power arm said in the disclosure.
Meanwhile, AC Energy said in another disclosure it is infusing Php350 million into subsidiary Buendia Christiana Holdings Corporation (BCHC) to fund the mother firm’s land acquisitions for its potential projects.
AC Energy signed an agreement with BCHC, the company’s special purpose vehicle to purchase land for its projects, to subscribe to 3.5 million Redeemable Preferred B Shares with a par value of Php100 each.
An initial Php150 million has already been paid, while the remaining balance will be paid “upon demand of BCHC with the approval of BCHC’s Board of Directors.”