The Securities and Exchange Commission (SEC) has confirmed AC Energy’s stock rights offering (SRO) slated for next year.
Ayala’s energy arm is looking to float 2,267,580,434 common shares priced at Php2.37/share on its first round SRO.
BPI Capital Corporation and China Banking Corporation were tapped as joint lead underwriters for the rights offer and the institutional offer.
According to the SEC’s confirmation letter, the rights shares will be offered on a pre-emptive rights basis to AC Energy’s eligible shareholders.
Among those eligible shareholders for the SRO are existing holders of the company’s common shares in the Philippines. Shareholders outside the country are also qualified, as long as their securities laws allow them to participate in the rights offer.
AC Energy has been ordered to set the record date within a timeframe no less than 15 trading days from the approval of the Philippine Stock Exchange’s board of directors.
The SRO will also have a mandatory second round, wherein unsubscribed rights shares from the first round shall be offered to those who exercised their rights in the prior round and had simultaneously signalled their intention to subscribe to any unsubscribed rights shares by tendering payment of the total offer price of all rights shares subscribed to.
AC Energy’s rights offer is part of the corporate restructuring process that the company will be pursuing in 2021, which will also include the Php20 billion private placement that Singaporean investment firm GIC Private Ltd. will be injecting into the Filipino-led energy company.
The Ayala-led firm has invested heavily in renewable energy projects, not just in the Philippines, but also in Australia, India, and other parts of Southeast Asia. The company is aiming to build a total of 5,000 megawatts in renewable energy capacity by 2025, half of which it looks to achieve this coming year.