ALSONS Consolidated Resources, Inc. is targeting to issue next year what remains of its first-tranche short-term commercial papers, an official of the listed holding firm said.
“We have one year to issue all or some remaining from the first tranche. Our commercial paper (CP) program is valid for three years,” Philip Edward B. Sagun, Alsons’ deputy chief financial officer, said in an e-mail to BusinessWorld last week.
In its regulatory filing on Friday, the Alcantara-led company said that it listed P620 million from the first tranche of the company’s P3 billion commercial papers with the Philippine Dealing and Exchange Corp.
For its first tranche, the company is targeting to list around P1.14 billion out of the entire P3-billion debt program, the company said.
In August, Alsons’ board of directors approved the issuance of short-term commercial papers, which the company is targeting to issue in one or more tranches.
Proceeds from the issuance of the debt papers will be used for the company’s general working and capital purposes as part of its goal to expand its renewable energy portfolio by providing “clean, reliable, affordable and renewable energy” to Mindanao and certain areas in the Visayas.
“In the coming years, renewable energy will comprise at least half of Alsons’ energy portfolio. The steadfast support of partners like you has helped make all this possible, while allowing us as well to provide investors with an attractive alternative investment outlet thru our CP issuances,” Nicasio I. Alcantara, chairman and president of Alsons, said in a media release.
Alsons is targeting to expand its portfolio in five years with eight run-of-river hydroelectric power facilities in the pipeline. Its 14.5-megawatt (MW) Siguil hydropower plant is expected to begin operations in 2023.
To date, the company has four power plants in Mindanao with a combined capacity of 468 MW.
On Friday, shares in the company rose 2.56% to close at P0.80 per share. — Ashley Erika O. Jose