ENEX ENERGY CORP., a subsidiary of Ayala-led ACEN Corp., has secured approval from the Securities and Exchange Commission (SEC) to raise its authorized capital stock, enabling the company to access additional funding.
The SEC approved Enex’s proposed increase in authorized capital stock to P1.3 billion from P1 billion, the company said in a regulatory filing on Monday. This allows Enex to issue more shares under its articles of incorporation.
The resolution provides for 1 billion common shares at P1 per share and 300 million preferred shares at P1 per share.
Enex, a unit of listed ACEN, is involved in oil and gas exploration and production both locally and internationally.
The company previously announced it would scrap its planned 1,100-megawatt gas power project in Batangas due to difficulty in securing an offtake contract and challenges in attracting a third investor.
In a separate disclosure, ACEN said it is extending a P60-million working capital facility to its subsidiary, YMP Telecom Power, Inc., to support operational needs. YMP provides energy solutions to telecom towers through the construction and operation of micro-solar plants. The company currently operates 198 sites with a combined 15.5-megawatt capacity for solar and battery storage.
In 2023, ACEN’s subsidiary Belen’s Energy Corp. acquired YMP Telecom Power and its affiliate YMP Industrial Power, Inc. by purchasing 100% of the outstanding shares from Yoma Micro Power Pte. Ltd.
At the local bourse on Monday, ACEN shares rose 0.83% to close at P2.42 apiece. — Sheldeen Joy Talavera
