ACEN stock rights offer set for September
ACEN Corp., the listed energy arm of the Ayala Group, will roll out its P30-billion stock rights offering in the latter part of the third quarter to scale up its renewables portfolio.
In a disclosure, the company said the offer period will run from September 3 to 9.
Listing, meanwhile, will be on September 19.
“This strategic initiative is designed to strengthen ACEN’s capital base, with the primary aim of financing the company’s expansion plans over the next few years,” it said.
ACEN noted that AC Energy and Infrastructure Corp and Arran Investment Pte. Ltd. have committed to “subscribe to the extent of their respective prorata shares, contingent upon the satisfaction of all conditions and final approvals.”
Once the stock rights offering is complete, the group said this would boost its capacity “to seize multiple growth opportunities while maintaining a solid financial foundation.”
Earlier this month, the company inked a 50-million euro loan agreement with Dutch financial institution ING Bank to fund its expansion plans.
In April, ACEN also raised 750 million Australian dollars from a group of 11 Australian and international banks.
The group has a local and international renewables portfolio of 7 gigawatts (GW)—with 3.6 GW now operational and 2.6 GW under construction.
For the fundraising activity, BPI Capital Corp. is the sole global coordinator, domestic lead underwriter and joint bookrunner. J.P. Morgan Securities and UBS AG Singapore Branch are joint international underwriters and bookrunners while PNB Capital and Investment Corp. is the domestic underwriter.
