ACEN Corp. boosts investment in ENEX Energy Corp.

ACEN Corp. said it has agreed to subscribe to additional shares in its subsidiary ENEX Energy Corp., amounting to P30 million.

In a disclosure to the stock exchange on Thursday, ACEN said it signed a contract on April 30 to subscribe to 30 million of ENEX’s non-voting preferred shares priced at P1 apiece.

ENEX is a unit of the listed company ACEN Corp. that engages in oil and gas exploration and production locally and internationally.

“The subscription price will be used to fund the operational requirements of ENEX, and transaction costs for the creation and issuance of the preferred shares,” the company said.

Currently, ACEN holds a total of 5.45% outstanding shares in ENEX.

ACEN has around 4,200 MW of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.

The energy company is targeting to expand its renewable energy portfolio to 20 gigawatts by 2030.

ACEN shares went down 3.37% to P4.01 a piece on Thursday. — Aubrey Rose A. Inosante