AYALA-LED AC Energy Philippines, Inc. (ACEPH) is repurchasing up to P1 billion of its shares in the open market since March 24.
This comes as the Ayala Corp. energy unit is set to boost its renewable energy portfolio upon its deal to acquire shares from Presage Corp., the international renewables unit of its parent company AC Energy, Inc.
The listed firm then would inject additional primary shares to AC Energy, which would own 85% of the former.
“This transaction will firmly establish the company as Ayala’s energy platform both in the Philippines and around the region,” AC Energy Chairman Fernando Zobel de Ayala said in a disclosure to the Philippine Stock Exchange on March 19.
Soon to be named AC Energy Corp., the company also said last week that it is increasing its authorized capital stock by P24 billion.
Recently, ACEPH completed its purchase of the controlling stakes in San Carlos Energy, Inc. and Island Solar Power, Inc., operators of two Negros Occidental solar farms owned by Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V., and the Government Service Insurance System.
The energy firm eyes to reach 5 megawatts or 5 gigawatts in renewables capacity by 2025.
On Thursday, shares in AC Energy Philippines rose 16.17% to close at P1.94 each. — Adam J. Ang