ACEN Corp. said Monday it postponed its proposed P30-billion stock rights offering (SRO) in September due to the revised scheduling of the group’s capital expenditures in a number of its markets in Southeast Asia.
ACEN intended to use the proceeds from the SRO to finance its renewable energy expansion
It said AC Energy and Infrastructure Corporation and Arran Investment Pte Ltd, ACEN’s principal shareholders, have both indicated their support for the SRO and plan to subscribe to their pro rata shares subject to the finalization of the terms of the SRO.
ACEN said its board approved the offer and issuance of primary common shares by way of a stock rights offer to eligible stockholders of record and the subsequent listing of said shares
“As I explained the increase in authorized capital stock was to allow fresh equity raising either in the form of SRO or private placement right, or a follow on offering. But what the board has decided… is a stock rights offering uh of up to P30 billion with a floor price of P2.30 per share,” ACEN president and chief executive Eric Francia said earlier.
