LEVISTE-led Solar Philippine Nueva Ecija Corp. (SPNEC) on Tuesday said it targets to complete its asset-for-share deal with its parent company Solar Philippines Power Project Holdings, Inc. (SPPHI) by the middle of this year.
“[We target] to complete this share swap by the middle of 2022, subject to the time to obtain approvals after SPNEC would make relevant filings to regulators after its stockholder’s meeting set for March 7,” the company said in its comprehensive disclosure to the exchange.
Once executed, SPNEC will have 32,497,400,005 shares. The solar firm then eyes to issue at least 5,124,832,502 shares to the public through a stock rights offering, private placement, or follow-on offering. This will increase its public float to more than 20%.
In an earlier disclosure, SPNEC said an asset-for-share swap deal will be done with its parent firm SPPHI with the latter subscribing to 24,373,050,000 shares of SPNEC at P2.50 apiece.
The assets include, but not limited to: Solar Philippines Calatagan Corp.; Solar Philippines Tarlac Corp.; Solar Philippines Tanauan Corp.; Terra Solar Philippines, Inc.; SP Holdings, Inc.; Solar Philippines Batangas Baseload Corp.; Solar Philippines Tarlac Baseload Corp.; Solar Philippines Central Luzon Corp.; Solar Philippines South Luzon Corp.; Solar Philippines Southern Tagalog Corp.; Solar Philippines Eastern Corp.; Solar Philippines Western Corp.; Solar Philippines Visayas Corp.; Solar Philippines Central Visayas Corp.; Solar Philippines Southern Mindanao Corp.; Solar Philippines Batangas Corp.; Solar Philippines Retail Electricity, Inc.; Laguna Solar Rooftop Corp.; Solar Philippines Rooftop Corp.; and Solar Philippines Commercial Rooftop Projects, Inc.
Shares in SPNEC at the local bourse closed unchanged on Tuesday at P1.84 apiece. — Marielle C. Lucenio