SOLAR Philippines Nueva Ecija Corp. (SPNEC) said its board of directors had approved its plan to conduct a stock rights offering (SRO) to buy land for the development of 10 gigawatts (GW) of solar projects.
In a disclosure to the exchange on Monday, SPNEC said its board during its Feb. 14 meeting had given the green light to allow its eligible stockholders to subscribe to common shares of the company through the SRO.
The proceeds of the offering will contribute to funding land acquisition in addition to its allotted budget from the company’s initial public offering (IPO) proceeds.
The planned SRO is subject to the terms to be determined by SPNEC management, the authorized capital stock of the company, and the requirements and relevant approvals of the Securities and Exchange Commission and the Philippine Stock Exchange, the Leviste-led company said.
On Jan. 26, SPNEC said it was planning to form joint ventures this year to develop 10 GW of solar energy projects, which could increase the country’s grid connected solar capacity by tenfold.
The plan comes after its board of directors approved an increase in its capital stock to 50 billion shares to prepare for the asset-for-share swap with its parent company.
Shares of SPNEC at the exchange rose by 11 centavos or 5.29% to close at P2.19 apiece on Monday. — Marielle C. Lucenio
