Solar Philippines Nueva Ecija Corp. (SPNEC) plans to raise its authorized capital to 50 billion shares from the present 10 billion shares, currently valued by the market at P12.9 billion.
The company said the increase in capitalization, which still has to go through shareholders approval, is in preparation for an asset-for-share swaps with mother company Solar Philippines Power Project Holdings Inc., and additional capital to expand its solar project portfolio, “subject to third-party valuations and approvals.”
The company is currently in the mid of completing the first phase of its 500megawatt (MW) project in Barangay Penaranda, Nueva Ecija.
“This comes in light of strong investor interest in SPNEC’s stock, which had over P5 billion in trading over the past month and became the PSE’s best-performing IPO (initial public offering) of 2021, closing the year up 28 percent,” the company said.
The company raise P2.7 billion in December the proceeds of which it said it will use to expand its portfolio beyond the 500MW capacity in Nueva Ecija.
