Five entities subscribe to ACEN shares for P8.29 apiece

AC ENERGY Corp. (ACEN) on Wednesday said it had executed subscription agreements with five subscribers to nearly 390 million of its shares priced at P8.2889 apiece.

In a disclosure to the exchange, ACEN said the subscribers were UPC Philippines Partners Ltd. for 19,059,423 shares; Wind City, Inc. for 142,668,634 shares; Estanyol Holdings Ltd. for 153,493,200 shares; Tenggay Holdings Ltd. for 70,525,763 shares; and Alan Kerr or collectively known as the UPC Philippines group for 4,248,813 shares.

The Ayala-led company earlier said its board of directors had approved the issuance of up to 390 million ACEN common shares to the owners, affiliates, and/or partners of UPC Philippines priced at P11.32 apiece.

“The subscription price was determined taking into account the volume-weighted average price for the previous three trading days prior to the submission of the allocation notice on March 21,” the company said, adding that the prevailing US dollar-Philippine peso exchange rate was also used.

Earlier, ACEN and it energy developer subsidiary ACE Endevor, Inc. signed an agreement to purchase the ownership interest and subscription rights of UPC Philippines Wind Investment Co. BV and a certain Stella Marie L. Sutton in 12 power companies.

The move to take over UPC Philippines will allow ACEN to have ownership of the former’s development projects consisting of more than 2,300
megawatts (MW) of pipeline projects currently under development.

ACEN aims to become the biggest listed energy platform in Southeast Asia as it plans to put up 5,000 MW of renewable energy (RE) capacity by 2025.

Shares in the company went up by six centavos or 0.75% to P8.03 apiece at the stock exchange on Wednesday. — Marielle C. Lucenio