Solar Philippines Nueva Ecija Corp. said Monday it is expanding its authorized capital stock to P5 billion from P1 billion in preparation for a possible acquisition to expand its portfolio.
SPNEC said in a disclosure to the stock exchange the increase in the company’s authorized capital stock would enable it to conduct asset-for-share swaps with parent Solar Philippines, subject to third-party valuations and approvals.
It will also enable the company to raise fund to expand its solar project portfolio, subject to third-party valuations and approvals. SPNEC said it would call a special stockholders meeting to approve the proposal.
“We are thankful for the level of interest in SPNEC, even as a single pre-operating project. At the same time, we note the feedback that adding our already operating or contracted projects would make SPNEC even more attractive. We wish to take this opportunity to give our public shareholders this option, in the interest of advancing SPNEC’s value and profitability,” said Solar Philippines founder Leandro Leviste.