AC Energy and Infrastructure Corp. said Friday Arran Investment Pte. Ltd., an affiliate of Singapore’s sovereign wealth fund GIC Private Limited, completed the acquisition of P9.32-billion worth of shares in AC Energy Corp.
ACEIC said in a disclosure to the stock exchange it signed a share purchase agreement with Arran for the sale of 2,689,521,681 secondary AC Energy Corp. shares at P3.4678 apiece for a total of P9,326,723,285.37.
“The sale of secondary ACEN shares to Arran is meant to implement the investment agreement that the parties signed on Dec. 30, 2020 to enable Arran to own 17.5 percent of the outstanding capital stock of ACEN post completion of ACEN’s follow-on offering and the infusion by ACEIC of its international assets into ACEN,” ACEIC said.
It said the price for the sale of secondary ACEN shares to Arran is pursuant to the pricing mechanism as agreed by the parties in the Dec. 30, 2020 investment agreement, where pricing mechanism is independent of future market price movements.