ACEN Corp. said Wednesday its board approved the issuance of up to P25 billion worth of preferred shares under the first tranche of its securities program to support its renewable energy expansion.
ACEN said in a disclosure to the Philippine Stock Exchange its board approved during a special meeting on July 25 the terms and conditions of the company’s issuance of up to P12.5 billion worth of 12.5 million preferred shares, with an oversubscription option for another P12.5 billion worth of 12.5 million preferred shares.
“This offer is the first tranche of the company’s three-year shelf registration of up to 50 million preferred shares with a par value of P1 per preferred share,” ACEN said.
ACEN, the listed energy platform of the Ayala group, filed a registration statement with the Securities and Exchange Commission in May 2023 for the shelf registration of up to 50 million preferred shares and the proposed public offer and sale of up to 25 million of such preferred shares.
The company said the preferred shares would be offered in tranches, which may be comprised of one or more series per tranche, at the discretion of ACEN, under the securities program.
