AC ENERGY Corp. has subscribed to P415-million worth of shares in Buendia Christiana Holdings Corp. (BCHC) to fund the wholly owned subsidiary’s acquisition of potential project sites, the listed firm told the local bourse on Wednesday.

BCHC is an AC Energy special purpose vehicle that will own the land for its parent firm’s development projects.

In a regulatory filing, the listed firm said that it recently inked an agreement allowing it to subscribe to 75 million redeemable preferred A shares with a par value of P0.10 per share, and 4.08 million redeemable preferred B shares at P100 apiece in BCHC.

The shares will be issued out of unit’s authorized capital stock.

“The subscription will be used by BCHC to fund acquisition of potential project sites,” AC Energy said.

It said that the transaction is subject to the necessary regulatory approvals from the corporate regulator on BCHC’s capital stock increase as well as the full payment of the subscription price.

In December 2020, AC Energy said that it was infusing P350 million in BCHC to fund the acquisition of potential project areas.

In the first quarter, the Ayala-led firm’s attributable net income rose by 54% to P829.32 million from P539.58 million in the same period last year, amid higher revenues from electricity sales.

AC Energy shares at the local bourse improved by 1.2% or 10 centavos to finish at P8.44 apiece on Wednesday. — Angelica Y. Yang