ACEN to sell P25 billion preferred shares

Ayala-led ACEN Corporation aims to raise Php 25 billion by selling preferred shares as part of its initial tranche under the planned shelf registration program.

In a disclosure to the Philippine Stock Exchange, ACEN filed a registration statement with the Securities and Exchange Commission (SEC). The registration statement includes up to 50 million preferred shares with a par value of Php 1 each, to be offered in one or more tranches at the company’s discretion.

Under the first tranche of the preferred shares program, ACEN looks to sell 25 million of its preferred shares. Of this, 12.5 million would be allotted for preferred shares, with an oversubscription of another 12.5 million. These shares will be offered at an offer price of Php 1,000 per share, in up to two series as determined by the company.

ACEN clarified that the preferred shares to be issued will be non-voting. 

Earlier this year, the company received both its board and shareholders’ approval to amend its articles of incorporation with the SEC. This amendment primarily focuses on the reclassification of 100 million unissued common shares into preferred shares. 

ACEN also shared that in a drive to expand its renewable energy portfolio, they are looking at a P30 billion loan for capital expenditures this year. 

ACEN recently announced that its board approved credit facilities with China Banking Corporation and an omnibus credit line with Mitsubishi UFJ Financial Group. The credit facilities with China Banking Corporation can reach up to Php 5 billion, while the omnibus credit line with Mitsubishi UFJ Financial Group has a maximum of $50 million.

The energy firm is aiming to reach 20 gigawatts (GW) of renewable energy by 2030.