SPNEC raises P2.8b from rights offering

Solar Philippines Nueva Ecija Corp. said Thursday it raised P2.8 billion from its recently-concluded stock rights offering.

SPNEC said in a disclosure to the stock exchange the entire 1.875 billion rights shares were fully subscribed in the first and second rounds of the offering. Eligible shareholders were entitled to subscribe to one rights share for every 1.28 shares held at P1.50 apiece.

The proceeds from the offering will fund new projects, including securing land and off-take agreements for the 3.5-gigawatt solar and the 4.5-GW battery Terra solar project.

SPNEC said the strong takeup of the shares despite volatile market conditions showed robust demand for the company’s stocks and investors’ positive outlook on the company.