SEC OKs AC Energy’s P16.48-B share sale
The Securities and Exchange Commission (SEC) has approved the follow-on offering worth as much as P16.48 billion planned by AC Energy Corp., the renewable energy arm of the Ayala group.
In its meeting on April 22, the SEC cleared AC Energy’s registration statement covering a total of 2.01 billion common shares, subject to the company’s compliance with remaining requirements.
The primary offer will consist of as many as 1.58 billion shares, which will be offered to the public at between P6 and P8.20 a share. About 330.25 million will form part of the secondary shares offering.
The proposed equity deal also comes with an overallotment option consisting of up to 100 million common shares.
AC Energy will use net proceeds from the primary offer, estimated at P12.64 billion, to partially fund the development of power projects, inorganic growth opportunities, repayment of loans and reduction of payables, as well as other general corporate requirements.
Based on its targeted timetable, AC Energy will run the public offering from May 3 to 7, and list the shares on the local bourse on May 14.The company mandated BPI Capital Corp. as the sole global coordinator, underwriter and joint bookrunner for the offer. CLSA and UBS will serve as international joint bookrunners, as well as joint bookrunners alongside BPI Capital.
AC Energy has set a bold goal to build five gigawatts of renewable energy by 2025 and become one of the largest listed renewables platforms in Southeast Asia. The company currently operates in five markets—the Philippines, Vietnam, India, Indonesia and Australia.
