THE AYALAS’ backdoor listing of their energy investments in the Philippines has been formalized on Monday after the issuance of new shares of stock in Phinma Energy Corp. in exchange for shares in the energy entities of AC Energy, Inc. (ACEI).
Phinma Energy, whose change of name to AC Energy Philippines, Inc. is pending regulatory approval, is issuing 6,185,182,288 shares to ACEI out of the increase in its authorized capital stock to P24.4 billion in exchange for property it needs for corporate purposes.
The property consists of shares of stock owned by ACEI in select subsidiaries and affiliates in the Philippines as approved by the board on Oct. 9.
After board approval of the transactions, Phinma Energy entered into a deed of assignment with ACEI dated Oct. 9 covering the shares to be issued to ACEI in exchange for the property that will be transferred via a property-for-share swap. The property to be transferred consists shareholdings in select companies holding the on-shore power assets of ACEI.
In exchange for the shares valued at P2.37 per share, ACEI has agreed to assign to the Phinma Energy its shares in the following subsidiaries: AC Energy Development, Inc., Monte Solar Energy, Inc., Ingrid Power Holdings, Inc., South Luzon Thermal Energy Corp., Philippine Wind Holdings, Inc., ACTA Power Corp., Moorland Philippines Holdings, Inc., Manapla Sun Power Development Corp., Viage Corp., and NorthWind Power Development Corp.
The transfer of the property to the company implements ACEI’s plan to constitute the Phinma Energy as its platform for growth and opportunity within the Philippines.
“The property includes a pipeline of power projects that were carefully chosen based on each project’s capability to be constructed and operated in a sustainable and profitable manner,” Phinma Energy said.
“With these projects in its pipeline, the Company is better positioned to implement its growth strategy and to be more responsive to the rapidly growing power supply needs of the Philippines and to its commitment to sustainability,” it added. — Victor V. Saulon