Investment & Capital Corporation of the Philippines (ICCP), a financial advisor, said Monday Alternergy Holdings Corp.’s investment transaction with state-run pension fund Government Service Insurance System (GSIS) complied with the rigorous requirements of the Philippine Stock Exchange (PSE), the Securities and Exchange Commission (SEC) and corporate governance standards.
ICCP, financial advisor to Alternergy, issued the statement after GSIS president and general-manager Jose Arnulfo Veloso was placed under preventive suspension by the Office of the Ombudsman on the pension fund’s P1.45 billion investment in redeemable preferred shares (RPS) in Alternergy in 2023.
The Ombudsman ordered the immediate suspension without pay of Veloso and other GSIS officials amid an investigation into the transaction.
ICCP said the RPS issuance to GSIS was conducted in accordance with corporate governance standards and existing securities regulations.
The firm said the RPS, an equity security designed for investors seeking attractive and long-term fixed income yield, also complied with PSE and SEC requirements for their subsequent listing on the exchange in March 2024.
“These transactions followed strict due diligence and compliance processes. We ensured transparency at every stage of these transactions in line with our commitment to ethical and professional standards,” said ICCP chairman and chief executive Val Bagatsing.
Bagatsing said “Alternergy has reported to the PSE the payment of the first full annual coupon to the RPS in December 2024.”
ICCP reiterated its commitment to transparency and regulatory compliance in connection with Alternergy’s capital-raising activities.
“Our role was to ensure that the capital raising activities adhered to strict regulatory requirements and market practices,” said ICCP president and chief operating officer Manny Ocampo.
“All disclosures were made to regulators and investors in line with best standards of fairness, transparency, and investor protection,” he said.
ICCP, as sole issue coordinator and joint lead underwriter, advised Alternergy in structuring and executing its initial public offering (IPO) in March 2023.
The IPO raised funds for Alternergy’s renewable energy projects and met stringent SEC and PSE requirements, including those on minimum market capitalization, track record, and profitability.
Following the IPO, ICCP also supported Alternergy as sole arranger in the RPS offering and its PSE listing.
ICCP affirmed its commitment to providing trusted financial advisory services that enable companies like Alternergy to raise capital responsibly, supporting national objectives for energy security and sustainability.
