ACEN Corp. said Friday it is set to take full control of Negros Island Solar Power Inc. (Islasol) after acquiring additional shares from Asian Energy Impact Trust Plc. (AEIT).
The company said in a disclosure to the Philippine Stock Exchange it executed a share purchase agreement and deed of absolute sale with AEIT, involving 7,371 redeemable preferred shares E (RPS E) equivalent to 14 percent of total outstanding shares subject of Islasol.
“Upon the completion of the sale [subject to obtaining the requisite certificate authorizing registration from the Bureau of Internal Revenue], the company will acquire full ownership of Islasol. Upon completion of the acquisition, the company will acquire full ownership and control of Islasol’s operations, decision making, and financial management,” it said.
ACEN said the payment would be in the form of cash to be made upon signing the relevant documents. It said the acquisition cost represents less than the 10 percent of total assets of the company as of Dec. 31, 2024.
AEIT, formerly ThomasLloyd Energy Impact Trust, was placed into members’ voluntary liquidation following a shareholder vote at the general meeting on June 14, 2024.
ACEN is the power generation arm of the Ayala Group with an ambitious goal of achieving 20 gigawatts of installed renewable energy capacity by 2030.