Solar Philippines raises P2.8B via stock rights offering

Leandro Leviste-led Solar Philippines Nueva Ecija Corp. (SPNEC) has raised P2.8 billion from its stock rights offering.

SPNEC, in a disclosure on Thursday, said 1.88 billion shares were fully subscribed by public shareholders in the first and second rounds of its rights offer.

The new shares, to be listed on the Philippine Stock Exchange, were offered to eligible shareholders for P1.50 each or a total of P2.81 billion. It ran from August 30 to Sept. 5.

It noted “that the subscription of the shares will become effective  upon listing of the shares on the Philippine Stock Exchange (PSE).”

The listing of new SPNEC shares is tentatively scheduled for Sept. 15.

The company had been undertaking fundraising activities such as the SRO to develop 10 gigawatts of solar projects in the pipeline and to meet the minimum public ownership requirement of 20 percent.