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AC Energy Corp., led by Ayala, will own a majority stake in a solar farm subsidiary of Solar Philippines Power Project Holdings, Inc. after forging an agreement to acquire 99% of the unit’s primary and secondary shares for P619, 000, the listing said the firm to the local exchange on Monday.
The transaction will give AC Energy the opportunity to earn stable dividend income from the operations of the solar power project under Solar Philippines Central Luzon Corp. (SPCLC), one of the special purpose vehicles under the portfolio firm founded by Leandro L. You took it.
In a regulatory filing on Monday, AC Energy said it signed an underwriting agreement with Mr. Leviste’s holding company for SPCLC common shares for P375,000. The shares will be issued from their unauthorized authorized share capital.
AC Energy said that it had also signed an absolute share sale deed to purchase secondary common shares of SPCLC for P244,000. SPCLC is a special purpose vehicle for the development and operation of projects that harness the power of the sun.
“The acquisition and subscription will allow ACEN (AC Energy stock symbol) to have a significant ownership stake in SPCLC and is intended to implement the joint venture between ACEN and SP (Solar Philippines) for the development of solar energy projects in Philippines, “the firm said.
In a separate filing on Monday, AC Energy announced that it had given the green light to a proposed joint venture with Solar Philippines for the development and construction of solar projects, subscribing to the principal shares of SPCLC; and the granting of authority to SPCLC to participate in energy supply tenders.
The Ayala firm added that it had signed binding preliminary agreements with Solar Philippines and its affiliate Provincia Investments Corp. for potential joint ventures in the development of solar power projects in the Philippines.
AC Energy said it had also allowed it to share credit lines with its wholly owned unit, Santa Cruz Solar Energy, Inc., to participate in power supply tenders.
Earlier this month, Ayala Corp. said that a subsidiary of GIC Pte. Ltd. would acquire a 17.5% stake in AC Energy for 20 billion pesos. In a previous press release, the publicly traded conglomerate said that its energy arm and the latter’s parent company, AC Energy and Infrastructure Corp. (ACEIC), signed the deal with GIC’s subsidiary Arran Investment on 30 from December.
The move is one of five steps in AC Energy’s corporate restructuring, according to its president and CEO Eric T. France during a press conference in November. The other steps are: a share rights offering scheduled for the first quarter of this year; GIC’s private placement of 4 billion shares at the end of the second quarter; a follow-up public offering on the local stock exchange; and the infusion of international energy assets and the sale of secondary shares to GIC of ACEIC.
AC Energy shares lost 0.14% to close at P6.79 each on Monday. – Angelica Y. Yang
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