ACEN Corporation is inking a subscription contract with Giga Ace 8 Inc., its solely-owned subsidiary, for the added subscription of Php 8.69 billion in the firm.
In a disclosure to the Philippine Stock Exchange (PSE), ACEN said that it had expended around Php 2.174 billion as an initial investment in Giga Ace 8.
“The subscription will be used by the SPV as additional funding for the proposed 300.011MWp/237MW AC Palauig Solar 2 Project,” said ACEN.
The company will subscribe to an additional allocation of shares, consisting of 26,093,464 common A shares, 234,889,072 redeemable preferred A shares (RPS A), and 60,897,168 redeemable preferred C shares (RPS C), to be issued from the increased authorized capital stock (ACS) of Giga Ace 8.
The Securities and Exchange Commission (SEC) would still need to grant the required regulatory permissions before the payment could be made for the special purpose vehicle’s (SPV) increased authorized capital stock.
Giga Ace 8, Inc. is an entity created specifically to develop renewable energy projects in the country.
Photo courtesy of ACEN Renewables
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