AC Energy Philippines (ACEN) and its parent company AC Energy and Infrastructure Corp. (AC Energy), signed an investment agreement with Arran Investment Pte Ltd, an affiliate of GIC Private Ltd. for the latter’s acquisition of 17.5 percent ownership stake for P20 billion.
Under the deal that was signed last December 30, GIC’s acquisition of stakes from ACEN will be implemented through a combination of subscription to four billion primary shares via a private placement and purchase of secondary shares from AC Energy.
The company said completion of the subscription by the GIC affiliate to primary shares is subject to compliance of agreed conditions including the completion by ACEN of its stock rights offering set this quarter and other regulatory approvals.
Meanwhile, the completion of the purchase by the GIC affiliate of secondary shares from AC Energy is subject to the completion of the infusion by AC Energy of its international business into ACEN by way of a property for shares swap, which is expected to occur in the third quarter of the year apart from regulatory approvals.
