Ayala unit infuses int’l assets into AC Energy | Inquirer Business
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Ayala unit infuses int’l assets into AC Energy

/ 04:05 AM January 30, 2021

The Ayala group’s AC Energy and Infrastructure Corp. is infusing, pending regulatory approval, its international assets into AC Energy Corp. (Acen) as a follow through to a successful stock rights offering (SRO), toward making the latter their unified platform for power generation.

Acen yesterday listed on the Philippine Stock Exchange (PSE) about 2.27 billion shares worth a total of about P5.4 billion, wrapping up the SRO that closed on Monday.

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Acen chair Fernando Zobel de Ayala said in the listing ceremony held on Friday the company remained focused on a plan to turn around from the impact of the pandemic that sent the Philippine economy into a recession worse than what it went through during World War II, mainly by strengthening Acen’s balance sheet.

“We initially raised P2.63 billion through an issuance of primary shares to parent AC Energy and followed this up with an infusion of [domestic] power generation assets through an asset-for-share swap,” Zobel said.

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He said that since then, Acen’s balance sheet has trebled, which would pave the way for the rapid expansion of its renewables business across the region while also allowing the company to make more sustainable investments “that are certainly needed and welcome during these challenging times.”

“Moving forward, we are excited at the forthcoming integration of AC Energy’s international assets into a unified platform under Acen,” Zobel said.

“This will put us in an excellent position to reach our goal of 5,000 megawatts of renewables capacity by 2025 and be Southeast Asia’s largest listed renewables platform,” he added.

Beyond the Philippines, the Ayala group has equity in various energy projects spread out across Australia, India and Vietnam.

PSE president Ramon Monzon noted that, “with such an attractive price” of P2.37 apiece, Acen’s minority shareholders took up all the rights offered to them.

“Acen’s shareholders have done very well considering Acen’s stock price … has appreciated 80.2 percent from November to yesterday (Jan. 28),” he said. “Moreover, Acen ranked 9th in terms of market value turnover for the same period.”

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TAGS: AC Energy and Infrastructure Corp., AC Energy Corp.
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