The corporate regulator has approved an AC Energy Philippines, Inc. offer of 2.27 billion common shares at a par value of P1 each, to be issued over two rounds to current shareholders, the Ayala group company told the bourse Friday.
The price per rights share was set at P2.37, AC Energy said in a disclosure to the exchange.
The first round involves 2.27 billion shares on a pre-emptive rights basis to eligible shareholders. During the second round, which is deemed “mandatory,” the rights shares from the first round that were not taken up will be “offered to those that exercised their rights in the first round and signified their intention to subscribe for the unsubscribed rights shares.”
BPI Capital Corpo. and China Bank Capital were named joint lead underwriters of the rights and institutional offers.
“No underwriting fees will be collected with respect to the Rights Offer, in compliance with the requirements of the PSE (Philippine Stock Exchange),” AC Energy said.
AC Energy is involved in in power generation and trading, oil and mineral exploration, and development and production. Some of its wholly-owned subsidiaries include Phinma Renewable Energy Corp., CIP II Power Corp.; and One Subic Oil Distribution Corp.
On Friday, AC Energy fell 0.63% to P6.35. — Angelica Y. Yang