AC Energy Philippines (Acen) takes a step further along its overhaul as the Ayala group’s domestic and international power generation platform following confirmation by regulators that the planned stock rights offering (SRO) that would raise up to P5.4 billion need not be registered.
Acen’s proposal is to offer up to about 2.27 billion common shares with a par value of P1 apiece but priced at P2.37 each.
The Securities Regulation law requires that the SRO be conducted in two rounds plus a domestic institutional offer in case there would still be unsubscribed offer shares after the second round.
In a disclosure, Acen said its parent, AC Energy and Infrastructure Corp. (ACEIC), wo…
Keep on reading: AC Energy’s stock rights offering plan cleared