SOLAR Philippines Nueva Ecija Corp. (SPNEC) on Thursday said its board of directors had agreed to acquire the entire stake of Solar Philippines Power Project Holdings, Inc. (SPPHI) and its affiliates in 20 assets.
In a disclosure to the exchange, SPNEC said an asset-for-share swap deal will be done with its parent firm SPPHI with the latter subscribing to 24,373,050,000 shares of SPNEC at P2.50 apiece.
The 20 assets include, but not limited to: Solar Philippines Calatagan Corp.; Solar Philippines Tarlac Corp.; Solar Philippines Tanauan Corp.; Terra Solar Philippines, Inc.; SP Holdings, Inc.; Solar Philippines Batangas Baseload Corp.; Solar Philippines Tarlac Baseload Corp.; Solar Philippines Central Luzon Corp.; Solar Philippines South Luzon Corp.; Solar Philippines Southern Tagalog Corp.; Solar Philippines Eastern Corp.; Solar Philippines Western Corp.; Solar Philippines Visayas Corp.; Solar Philippines Central Visayas Corp.; Solar Philippines Southern Mindanao Corp.; Solar Philippines Batangas Corp.; Solar Philippines Retail Electricity, Inc.; Laguna Solar Rooftop Corp.; Solar Philippines Rooftop Corp.; and Solar Philippines Commercial Rooftop Projects, Inc.
The Leviste-led company said the share swap “would be enabled by the increase in authorized capital stock for approval at SPNEC’s stockholder’s meeting set for March 7, and is subject to regulatory approvals.”
In Jan. 11, the SPNEC board approved an increase in the company’s authorized capital stock to 50 billion shares from 10 billion shares.
Company shares at the local bourse slipped by eight centavos or 4.17% to close at P1.84 apiece. — Marielle C. Lucenio
