Enex gets funding boost from parent Acen
Acen Corp., the listed energy platform of the Ayala Group, is injecting additional investment reaching over P170 million into its subsidiary Enex Energy Corp., allowing it to pursue projects in the power sector.
In a stock exchange filing on Tuesday, Acen said it signed a contract with Enex for the subscription to 177.54 million nonvoting preferred shares of the latter, priced at P1 apiece.
The shares will be issued out of the authorized capital stock increase of Enex, which is still subject to the approval of the Securities and Exchange Commission.
“The subscription price will be used to fund the operational requirements of Enex, and transaction costs for the creation and issuance of the preferred shares,” Acen said.
“Further, this transaction is meant to help Enex address its negative stockholders’ equity,” it added.
Enex is focused on oil and gas exploration and production here and abroad. Acen serves as the company’s principal stockholder.
In December 2023, Enex received the Department of Energy’s approval to extend its well drilling operations in offshore Palawan amid the rising tension in the West Philippine Sea.
In December 2023, Enex received the Department of Energy’s approval to extend its well drilling operations offshore in Palawan under Service Contract (SC) No. 55 amid the rising tension in the West Philippine Sea. SC 55 is a deepwater block in the southwest Palawan Basin covering an area of 9,880 square kilometers.
Four months later, the company bared efforts to entice partners for its natural gas service contract once the government gave the go signal for resumption of its operations.
