The Securities and Exchange Commission approved the P50-billion shelf-registration of ACEN Corp., the listed energy platform of the Ayala Group.
The SEC said in a statement it approved the registration statement of ACEN covering Series A and B green preferred shares that may be issued in one or more tranches within a period of three years, subject to the company’s compliance with certain remaining requirements.
It said for the first tranche, ACEN would offer P12.5 billion of preferred shares, with an oversubscription option for another P12.5 billion.
ACEN plans to use the proceeds to refinance short-term loans for eligible green projects, including solar projects in Pangasinan, Zambales and Cagayan and wind project in Ilocos Norte.
The company will offer the preferred shares to the public from Aug. 11 to 23 in time for listing on the Philippine Stock Exchange on Sept. 1, according to the latest timetable submitted to the SEC.
