Ayala-led AC Energy Corp. is swapping some of its assets for shares in its oil and gas exploration unit ACE Enexor, Inc. in a deed of assignment that the two entities signed earlier this week.

In separate disclosures on Friday, the listed companies said that under the property-for-shares swap, ACE Enexor will issue 339,076,058 of its shares to AC Energy at P10 apiece in exchange for the latter’s five assets.

The first asset is composed of 3,064,900 common shares in Palawan55 Exploration & Production Corp. with a par value of P100 apiece or 30.65% of its issued and outstanding shares.

AC Energy will also swap 6,000,000 common shares in Bulacan Power Generation Corp. representing 100% of the latter’s issued and outstanding shares.

The third asset to be swapped for ACE Enexor’s shares is composed of 6,351,000 common shares in CIP II Power Corp. with a par value of P50 each representing 100% of its issued and outstanding shares.

ACE Enexor will also get 3.6 million redeemable preferred shares in Ingrid3 Power Corp., a special purpose vehicle for the development of a new power project, with a par value of P1 each, representing 100% of the issued and outstanding redeemable preferred shares in Ingrid 3.

The last property in the swap transaction is made up of 33,493,366 common shares in One Subic Power Generation Corp. with a par value of P1 apiece representing 17.13% of the issued and outstanding shares.

On Dec. 14, AC Energy disclosed that its board of directors had approved a P150-million short-term loan to ACE Enexor to fund its initial subscription in Batangas Clean Energy Inc. (BCEI).

BCEI is a special vehicle company for the joint venture between ACE Enexor and Red Holdings B.V.

On Friday, shares in AC Energy dropped 18 centavos or 1.61% to close at P11.00 apiece. — M. C. Lucenio

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