SP New Energy Corp., a listed renewable energy venture, said Tuesday it secured an additional P2.8 billion in fresh capital from shareholders who participated in its stock rights offer last year.
The amount is the balance of the unpaid subscription to the stock rights offer, where SP New Energy sold shares to existing shareholders at a price of P1.50 each.
As a result of the full payment of the stock rights, SP New Energy’s public float has increased to over 4.75 billion shares, which, together with the company’s planned private placements, will enable it to achieve at least 20 percent public float following its asset-for-share swap with Solar Philippines Power Project Holdings, Inc.
SP New Energy will acquire assets of Solar Philippines in exchange for 24.37 billion shares at a price of P2.50 each. The deal will boost the listed company’s portfolio of over 1 gigawatts of renewable energy projects.
