ACEN board OKs P12.50-billion preferred shares issuance

AYALA-LED ACEN Corp.’s board of directors has given the green light for the issuance of up to P12.50 billion worth of preferred shares, the company announced on Wednesday.

The preferred share issuance is the first tranche of a three-year shelf registration program, intending to offer up to P50-million preferred shares priced at P1 apiece, according to a disclosure filed with the stock exchange.

The approved issuance consists of about 12.50 million preferred shares, priced at P1,000 each, with a par value of about P1 apiece.

ACEN also said that the issuance will be offered in two series, subject to the necessary requirements set by the Securities and Exchange Commission (SEC) for registration under the Securities Regulation Code, as well as listing with the Philippine Stock Exchange, Inc.

In May, the energy company, a part of the Ayala group, announced its intentions to raise P25 billion by offering preferred shares, as a strategic move to diversify its funding sources to include institutional and retail investors.

ACEN’s ambitious plans involve investing up to $8 billion in rolling out an 8-gigawatt (GW) portfolio of clean energy projects in the Philippines by 2030. The company aims to expedite the development of its projects to achieve at least  2 GW per year.

To support its clean energy goals, ACEN has allocated a capital expenditure budget of between P50 billion and P70 billion for the year 2023.

Currently, ACEN holds around 4,200 megawatts of attributable capacity across various locations, including the Philippines, Vietnam, Indonesia, India, and Australia.

At the Philippine Stock Exchange on Wednesday, ACEN shares gained five centavos or 0.9%, closing at P5.60 apiece. — Ashley Erika O. Jose