AC Energy Corp. has advanced its follow on offering (FOO) after receiving approval from the Philippine Stock Exchange and obtaining the permit to sell from the Securities and Exchange Commission.
The company has priced its FOO at P6.50 per share for up to 2.01 billion common shares, consisting of 1.58 billion primary shares, 330.24 million secondary shares to be offered by AC Energy and Infrastructure Corp. and Bulacan Power Generation Corp. with oversubscription option of up to 100 million secondary shares.
Assuming the oversubscription option is exercised in full, AC Energy and selling shareholders expect to raise gross proceeds of P13.07 billion.
Net proceeds from the sale of primary shares will be used to partially fund the development of renewable power projects in the pipeline and inorganic growth opportunities, repayment of loans and reduction of payables as well as for other general corporate requirements.
“The FOO completes the company’s successful fund raising efforts this year and allows it to play a meaningful role in the green led recovery,” said Eric Francia, AC Energy’s president and chief executive officer.
The retail offer period for the FOO started on Monday and ends on Friday with a target listing date of May 14. – Jed Macapagal
