PSE approves SPNEC’s stock rights offering worth up to P3.3B

The Philippine Stock Exchange has approved the application of Solar Philippines Nueva Ecija Corp. to raise as much as P3.3 billion from the sale of new shares to existing investors.

This marks the return of SPNEC to the capital market only nine months after its end-2021 stock market debut.

Based on an advisory posted by the PSE on Tuesday, the solar power firm led by businessman Leandro Leviste plans to sell as much as 1.87 billion new common shares within a price range of P1.50 and P1.76 per share.  The offer price will be finalized on Aug. 18.

Existing shareholders are entitled to buy one new share for every 1.28 shares owned during the offer period, which will run from Aug. 30 to Sept. 5 this year.

Based on a tentative schedule, listing of new SPNEC shares on the local bourse will be on Sept. 15.
SPNEC has mandated Abacus Capital & Investment Corp. and China Bank Capital Corp.as its joint issue managers and joint lead underwriters. Investment & Capital Corp. of the Philippines is a participating underwriter.

The company’s projects include the 3.5 -GWh solar and  4.5-GWh battery Terra Solar project, touted as the “world’s largest solar project.”