SPNEC adjusts SRO offer price range


Solar Phillippines Nueva Ecija Corp. (SPNEC) announced a price adjustment in its stock rights offering (SRO) price range to Php 1.50 to Php 1.75 per share following “interest in the success” of the offering. 

“We also wish to highlight the option to pay in installments, with a down payment of 25% and the balance of 75% within three months of the offer period,” SPNEC said in a disclosure to the Philippine Stock Exchange (PSE). 

In March, SPNEC announced that the SRO price would be between Php 1.60 to Php 1.76 a piece. 

SPNEC has filed its preliminary prospectus for the SRO with the Security and Exchange Commission (SEC) and the PSE for 1.88 billion shares in March. 

Following the price adjustment, the aggregate offer amount went from Php 2.81 billion to Php 3.3 billion. 

The offer period for eligible shareholders will be from August 30 to September 5, 2022. 

SPNEC earlier said that the proceeds from the SRO will be used to fund the land acquisition of its solar projects in Nueva Ecija, Bulacan, and Quezon, as part of its goal to build a 10-gigawatt portfolio by 2025.