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ACEN Corp. has approved the issuance of up to P12.5 billion worth of 12.5 million preferred shares.
In a disclosure to the Philippine Stock Exchange yesterday, the company said its board approved the move on Tuesday.
ACEN added this issuance has an oversubscription option of up to another P12.5 billion for 12.5 million more preferred shares but still subject to the requirements for registration under the Securities Regulation Code with the Securities and Exchange Commission.
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The company said this is the first tranche of ACEN’s three-year shelf registration of up to 50,000,000 preferred shares.
