ACEN Corporation has increased its equity in ENEX Energy Corp. (ENEX) through a PHP 75-million subscription to non-voting preferred shares, according to a disclosure to the Philippine Stock Exchange (PSE) today.

ACEN, the listed energy arm of the Ayala Group, has been expanding its renewable energy portfolio while periodically supporting ENEX, its oil and gas-focused subsidiary. 

The subscription follows earlier approvals by ENEX’s board in March 2024, and stockholders in April of the same year, to issue up to 300 million preferred shares. Under the agreement executed on February 24, 2026, ACEN subscribed to 75,055,989 preferred shares at a par value of PHP 1 per share, totaling PHP 75,055,989.

ENEX has previously pursued gas power projects and other fossil fuel initiatives but has faced operational and financing challenges. ACEN’s capital infusions, including prior subscriptions to ENEX preferred shares in 2024 and 2025, have provided financial stability and positioned the subsidiary to manage legacy projects or pivot toward future opportunities.

According to the disclosure, the subscription price was fully settled by applying ACEN’s outstanding receivables with ENEX as of December 31, 2025. The newly issued shares will come from ENEX’s unissued authorized capital stock, subject to Securities and Exchange Commission compliance.

How may this equity infusion affect ENEX’s future project rollouts and financing options? Weigh in.

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