AC Energy Corp. concluded its stock rights offering with the listing of 2.2 billion common shares at the Philippine Stock Exchange (PSE), 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 renewable energy laboratory,” PSE president and chief executive officer Ramon S. Monzon said during the company’s SRO listing ceremony.
AC Energy completed its rights offering, 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.