The Securities and Exchange Commission said Wednesday it approved the planned P1.89-billion initial public offering of Alternergy Holdings Corp. to finance renewable energy projects.
The SEC en banc rendered effective the registration statement of Alternergy Holdings covering 4,320,669,117 common shares in its Nov. 8 meeting, subject to the company’s compliance with specific remaining requirements.
Alternergy Holdings will offer to the public a maximum of 1,281,430,000 common shares priced at P1.48 apiece. The offer will also include 192,220,000 common shares to be sold by shareholders.
The shares will be listed and traded on the main board of the Philippine Stock Exchange.
Net proceeds from the IPO could reach up to P1.62 billion, which the company will use for the development and construction of projects under development, debt payment for the acquisition of Kirahon Solar Energy Corp., pre-development expenses for projects in the pipeline and general corporate requirements.