SEC clears ACEN’s P50 billion fund raising

MANILA, Philippines — ACEN Corp., the renewable energy company of Ayala Corp., has secured the approval of the Securities and Exchange Commission (SEC) for its long-term registration of up to P50 billion in preferred shares.

In a meeting on July 27, the SEC approved the registration statement of ACEN covering Series A and B green preferred shares that may be issued in one or more tranches within a period of three years.

For the first tranche, ACEN will offer up to P12.5 billion in preferred shares, plus an oversubscription option of up to P12.5 billion.

ACEN could net up to P24.83 billion from the initial offering, assuming the oversubscription option will be fully exercised.

Proceeds from this initial share sale will be used for the refinancing of short-term loans for eligible green projects, the company’s solar projects in Pangasinan, Zambales, and Cagayan, as well as wind project in Ilocos Norte.

The preferred shares will be offered to the public from Aug. 11 to 23 in time for listing on the Philippine Stock Exchange on Sept. 1, according to the latest timetable submitted to the SEC.

The preferred shares will be traded under the ticker ACENA for the Series A green preferred shares and ACENB for the Series B green preferred shares.

ACEN tapped BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corporation, PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Corp. as joint lead underwriters and bookrunners for the offer.