ACEN Corp. is set to further expand its renewable energy (RE) investments with the issuance of its P25-billion perpetual preferred shares which were listed on the main board of the Philippine Stock Exchange (PSE) last Friday.
ACEN said the offer is the first tranche under its shelf registration of up to 50 million preferred shares rendered effective by the Securities and Exchange Commission last month.
The company said it fully exercised its oversubscription option of up to P12.5 billion on top of the base offer of P12.5 billion, making it the largest preferred shares offering in the Philippines since 2016.
Eric Francia, ACEN president and chief executive officer, said in a disclosure to the PSE yesterday the additional capital will further strengthen the company’s balance sheet to accelerate its RE expansion.
“The issuance is part of the company’s strategy to diversify its sources of funding, and to gain access to a wider base of investors. Being the first of its kind in the Philippines with the fixed-for-life feature, we are delighted with the strong investor response, which is a testament to the strong alignment with ACEN’s sustainability focus and growth aspirations,” Cora Dizon, ACEN chief finance officer, meanwhile said.
ACEN targets to own 20,000 gigawatts (GW) worth of RE capacity by 2030. – Jed Macapagal
