Connect with us

Hi, what are you looking for?

Economy

AC Energy lists new shares

AC Energy Corp. concluded its stock rights offering with the listing of 2.2 billion common shares at the Philippine Stock Exchange (PSE) on Friday, raising around P5.37 billion to fund at least six renewable energy projects.

“I am pleased that PSE is able to support this undertaking as funds raised in the rights offer will be primarily used for at least four solar projects in Luzon, one wind project, and (a) renewable energy laboratory,” PSE president and chief executive officer Ramon S. Monzon said during the company’s SRO listing ceremony on Friday.

AC Energy completed its rights offering on Thursday, selling 2,267,580,434 common shares at an offer price of P2.37 apiece to eligible minority stockholders in two rounds.

AC Energy Chairman Fernando M. Zobel de Ayala said the company has been “aggressively undertaking an ambitious transformation initiative supported by asset infusions, acquisitions and new greenfield projects.”

“We’re encouraged that these landmark strategies have allowed the company to remain resilient amidst the current global crisis. We remain focused on our turnaround plan to establish a sustainable growth plan with a strengthened balance sheet,” Mr. Zobel said.

Aside from the Philippines, AC Energy identified Indonesia, Vietnam, Australia, India and Myanmar as key target markets for renewables investments as it planned to scale up its portfolio in the coming years.

Shares of AC Energy on Friday rose 6.31% to finish at P6.40 apiece. — A.Y.Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

New research has revealed that only one in four civil servants believe their department is following the Government’s National Data Strategy, with skills and...

Economy

Australian mining and logistics firms are interested in doing business in the Philippines according to Australian ambassador Steven J. Robinson, who cited policy reforms...

Investing

As Sunday Times Rich List shows record number of UK billionaires, their gains should be taxed the same as income from work Huge increases...

Investing

A battle is shaping up between major retailers over whether the UK should introduce an online sales tax, with Sainsbury’s demanding it to help...

Investing

The system of executive pay is “broken”, the Church of England’s pension board has said, as it challenged more companies to ease the pain...

Investing

A country pub has received a framed apology from a fashion publishing giant after being threatened with legal action unless the landlords changed its...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.