AYALA-LED AC Energy Corp. said on Wednesday that it plans to use the proceeds from its follow-on offering to partly fund its upcoming renewable energy (RE) projects.
In a press release, it said that aside from the pipeline RE projects, the net proceeds from the sale of primary shares will go to inorganic growth opportunities, repayment of loans and reduction of payables, and other general corporate requirements.
“The Company will not receive any proceeds from the sale of secondary shares by the selling shareholders,” it said.
AC Energy priced its offer at P6.50 per share, which it said was determined by a book building process that “saw significant participation from leading global long-term institutional investors.”
The fund-raising’s retail offering period began on May 3 and will end on May 7. The shares are set to be listed on May 14.
The firm is offering up to 2.01 billion common shares, consisting of 1.58 billion primary shares; 330.24 million secondary shares, which will be offered by selling shareholders AC Energy and Infrastructure Corp. (ACEIC) and Bulacan Power Generation Corp.; and up to 100 million secondary shares as an oversubscription option.
AC Energy President and Chief Executive Officer John Eric T. Francia said the follow-on offering “completes the company’s successful fund-raising efforts this year and allows it to play a meaningful role in the green led recovery.”
“We are grateful for the continued support of our regulators and for the overwhelming response we received from the institutional investors during the book building process. The exceptional investor support reinforces AC Energy’s position as the region’s leading renewables platform,” he added.
AC Energy aspires to become the largest listed renewables platform in Southeast Asia as it hopes to reach a target net attributable capacity of 5,000 megawatts by 2025.
Shares in AC Energy at the local bourse shed 1.02% or 7 centavos to close at P6.82 apiece. — Angelica Y. Yang