The Solar Philippines Nueva Ecija Corp. (SPNEC) has secured the approval of the Securities and Exchange Commission (SEC) for its slated stock rights offering (SRO), the company announced on Wednesday.
In a disclosure to the Philippine Stock Exchange, SPNEC said that SEC issued the Confirmation of Exempt Transaction on July 19, meaning the SRO is exempted from the registration requirements under the Securities Regulations Code.
A week ago, SPNEC announced that it has adjusted its SRO price to Php 1.50 to Php 1.75 per share. The company is now looking to raise Php2.8 billion to Php 3.3 billion from the SRO.
“Shares will be offered to SPNEC’s existing stockholders in proportion to their shares held as of the planned Record Date of August 25, 2022, with the Ex-Date planned to be on August 22, 2022, or three trading days before the Record Date, subject to PSE approval,” SPNEC said in a statement.
Proceeds of the SRO will be allocated for land acquisition of SPNEC’s solar projects in Nueva Ecjia, Bulacan, and Quezon, as part of its goal to develop 10 gigawatts (GW) of solar projects by 2025.
In an episode of Power Podcast, Solar Philippines founder and CEO Leandro Leviste said SPNEC repositioned itself as a project developer to partner with different independent power producers (IPPs) to help achieve its 10 GW goal.
“Our company will be focusing on laying the groundwork for these projects, and when they are shovel-ready is when our IPP partners come in to operate for 25 years,” Leviste said.