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Friday, March 29, 2024

SPNEC gets SEC nod on P3.3-b rights offer

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Solar Philippine Nueva Ecija Corp. said Wednesday it obtained the Securities and Exchange Commission’s approval on its planned P3.3-billion stock rights offering.

SPNEC said in a statement the SEC confirmed the approval after it ruled that the transaction is exempt from the registration requirements under the Securities Regulation Code. The SEC issued the confirmation of exempt transaction on July 19.

Under the plan, SPNEC will offer 1.88 billion shares to stockholders as of Aug. 25 at an offer price of P1.60 to P1.76 per share. The offer period will commence on Aug. 30 and will end at noon on Sept. 5, 2022.

SPNEC is looking to raise P2.8 billion to P3.3 billion in proceeds from the offering.

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