The Securities and Exchange Commission said Tuesday it approved the P16-million direct public offering of Pacerm-1 Energy Corp.
Based on the documents filed with the SEC, Pacerm-1 Energy will offer to the public 26,891 common shares priced at P2,100 per share. The company plans to use the proceeds for the payment of long-term loans.
The offering is being made in compliance with an order by the Energy Regulatory Commission requiring power generation firms to offer not less than 15 percent of their outstanding capital stock to the public.
The public offering will run from Sept. 1 to Nov. 30 based on the latest timetable submitted to the SEC. The shares may be sold to any person, partnership, cooperative, corporation or trust account.
Pacerm-1 Energy, based in Misamis Oriental, generates power through the use of diesel power or other non-renewable and renewable energy resources such as wind, solar, ocean and biomass energy.
