Angeles Electric Corp. is looking to raise P708.1 million through an over- the- counter share sale.
The Securities and Exchange Commission (SEC) said it has approved Angeles Electric’s plan for a direct public offering where the electricity distributor plans to sell to the public 207.02 million shares at P3.42 per share.
SEC said proceeds will be used to fund a portion of its capital expenditure projects over the next two years.
Penta Capital & Investment Corp. serves as the sole underwriter for the transaction.
The share sale will run from December 18 to 22, based on the latest timetable submitted to the SEC.
“The shares may be sold to any person, domestic corporation, association, or partnership,” it said.
“In the case of domestic corporations and associations, 60 percent of its total voting shares and total outstanding capital stock must be owned and held by Filipinos, in line with the foreign ownership limit for public utility companies at 40 percent of its outstanding capital stock,” the SEC reminded investors.
The share sale is being made in compliance with Republic Act No. 9136, or the Electric Power Industry Reform Act, which states that generation companies shall offer and sell to the public a portion not less than 15 percent of their common shares of to the public.
Angeles Electric operates an electric light, heat and power system in Angeles City, Pampanga, servicing around 132,000 customer accounts as of December 2022.
