Singapore-based fund GIC Private Limited is set to acquire 17.5% in AC Energy, the Ayala’s power firm said in a disclosure to the Philippine Stock Exchange on Thursday.
The Php20 billion transaction, which is in line with AC Energy’s continuing international expansion programs, will be finalized within the month pending approval from the company’s board.
“The Investment, which will be implemented through a combination of subscription to four billion primary shares (via a private placement) and purchase of secondary shares from AC Energy, will be at a price of Php2.97 per share on a post-SRO (stock rights offering) basis and is subject to agreed price adjustments,” the disclosure reads.
AC Energy has been aggressively expanding its portfolio, largely through renewable energy (RE) investments overseas. It aims to build facilities generating at least 5,000 megawatts of RE by 2025.