AN affiliate company of AC Energy, Inc. has raised its stake in an Australia-listed energy firm, which it is planning to take over.
Listed conglomerate Ayala Corp. told the Philippine Stock Exchange on Tuesday that UAC Energy Holdings Pty. Ltd. relayed its bidder’s statement to shareholders of Infigen Energy Ltd., informing them of its intention to acquire any or all of their stapled securities for an offer price of A$0.80 each.
In a separate disclosure, Infigen apprised the Australia Securities Exchange that UAC has increased its voting interest in the company to 13.4% from 12.82% that it announced on June 3.
“The acquisition of interest in Infigen by UAC strengthens both AC Energy’s and UPC\AC’s commitment to provide low-cost power in Australia by expanding its operating portfolio and enabling the sale of energy through retail channels,” Ayala Corp. said last week.
“Our investment into Infigen reflects our confidence in the prospects for renewable energy in Australia. Investing into an operating renewable energy portfolio helps us meet our corporate and sustainability objectives. We are excited to support Infigen as it continues to expand in this sector,” AC Energy Chairman Fernando Zobel de Ayala said on the move.
The bid, which amounts to around A$777 million of Infigen’s outstanding securities, is subject to approval from the Australian Foreign Investment Review Board and the acceptance of Infigen’s security holders, among others.
Infigen develops, generates, and sells renewable energy. It owns and operates wind farms with a total 670 megawatts capacity in Australia, along with gas, battery, and contracted assets.
UAC is 75% owned by AC Energy Australia Pte. Ltd. The remaining 25% is held by UPC\AC Renewables Australia, a joint venture of the AC Energy group and the UPC Renewables group.
On Tuesday, shares in Ayala Corp. inched up 0.25% to close at P800 each. — Adam J. Ang