ACR raises P1.15B

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Alsons Consolidated Resources Inc. (ACR) has successfully raised P1.15 billion from the third tranche issuance of its P3-billion commercial paper program.

ACR said in a disclosure to the Philippine Stock Exchange yesterday the latest issuance has also been listed on the Philippine Dealing and Exchange Corp. Proceeds will primarily be used for general working capital.

Earlier this year, ACR received an issuer credit rating of PRS Aa minus from the Philippine Rating Service Corp. for the company’s P3 billion commercial paper program.

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ACR has been raising funds as it is focused on building up its renewable energy capacity in the next few years with several renewable energy facilities in the company’s pipeline with the 14.5 megawatts (MW) Siguil Hydro power plant in Maasim, Sarangani eyed to be operational before the end of the year. – Jed Macapagal

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