SP Energy Corp. (SPNEC) has received P2.8 billion out of the stock rights offers (SRO) it issued recently, equivalent to 99.9 percent of the subscriptions.
The proceeds of the fund raising will be used for project development, including the acquisition of land in Nueva Ecija and Bulacan.
This has increased the company’s publicly-owned shares to 4.75 billion of the company’s 10 billion outstanding shares.
The company said with this, and the upcoming private placement it is arranging with an investor, it will achieve at least 20 percent public float after it completed the asset-for-share swap pending with its mother company, Solar Philippines Power Project Holdings Inc.
Held in September last year, SPNEC’s SRO involves 1.8 billion shares, with subscribers paying P1.50 for each share they opted to buy. SPNEC currently trades at P1.54 per share, a 2.67 percent premium above its SRO price.
The SRO is part of an initiative in SPNEC to expand its portfolio through an asset-for-share swap with Solar Philippines for its various solar power projects.
As part of the share swap, SPNEC would issue 24.372 billion additional shares in exchange for the projects of Solar Philippines, reducing the company’s public float.
SPNEC said at a 20 percent public float target, the public has to own at least 6.87 billion of its outstanding shares 34.37 billion shares post asset-swap.
