THE energy unit of Ayala Corp. on Monday said it has completed its acquisition of the Phinma group’s combined 51.48% stake in Phinma Energy Corp.
In separate disclosures to the stock exchange Monday, AC Energy, Inc, Phinma Corp. and Phinma Energy said the purchase of secondary shares by AC Energy in Phinma Energy for a transaction price of P3.669 billion has now been finalized.
AC Energy bought the combined stake of Phinma Corp. and its parent Philippine Investment Management (Phinma), Inc. in Phinma Energy.
“Please be informed that the Exchange has confirmed the special block sale of Phinma Energy shares to AC Energy via crossing of shares,” Phinma Corp. said.
“This completes AC Energy’s acquisition of the 51.48% combined stake of Phinma, Inc. and Phinma Corp. in Phinma Energy. AC Energy also subscribed to 2.632 billion Phinma Energy primary shares at par value,” it added.
In its statement, AC Energy said the successful acquisition is seen to help the company reach its target of having five gigawatts (GW) in renewables capacity within six years.
“We are pleased to complete this transaction, as we see Phinma Energy as a platform for AC Energy’s domestic growth. This is an important step to achieve AC Energy’s goal of reaching 5GW of renewables capacity by 2025,” AC Energy President and Chief Executive Officer Eric T. Francia was quoted as saying.
Ayala Corp. Chairman Jaime Augusto Zobel de Ayala had earlier said the “mutually strategic agreement” with the Phinma group is an opportunity for AC Energy to improve its presence in the power generation sector. — Denise A. Valdez