SEC approves AC Energy’s FOO slated for May 3

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The Securities and Exchange Commission (SEC) has “favorably considered” AC Energy’s (ACEN) follow-on offering (FOO).

ACEN aims to raise as much as Php16.48 billion, as it will be offering a total of 2,010,248,617 common shares at Php6.00 to Php8.20 apiece.

Based on the Ayala-led firm’s registration statement, 1,580,000,000 shares will comprise the primary offer, while 330,248,617 shares will be part of the secondary offer, followed by overallotment of 100 million shares.

The FOO would be conducted from May 3-7, while listing in the Philippine Stock Exchange would be on May 14.

Net proceeds are estimated to be at Php12.64 billion. AC Energy intends to use these to partly fund the development of its various power projects, inorganic growth opportunities, repayment of loans and reduction of payables, and other corporate purposes.

The FOO, as well as the stock rights offering last January and the recent private placement of Singaporean sovereign fund GIC Private Limited, form part of the company’s goal of raising Php30 billion this year to fund its ventures.

ACEN aims to build 5,000 megawatts in renewable capacity by 2025 and become Southeast Asia’s largest listed renewables platform.

 

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