ACEN Corp. on Wednesday told the stock exchange its shareholders will decide on a slew of matters during their annual meeting set on April 27, among them the procurement by the listed energy arm of the Ayala Group of as much as P32 billion in credit facilities and the issuance of preferred shares to raise additional capital.
The company said shareholders will also be asked to greenlight the delegation of certain investment and capital investment decisions to the Executive Committee; an increase in Philippine revolving development fund; an increase in land acquisition budget and expansion of use to include Australia and Indonesia and; the issuance of credit support for the Laos-Vietnam wind project of its wholly-owned subsidiary, ACEN Renewables International Pte. Ltd.
ACEN will also seek approval for the modifications and entry into a sustainability-linked loan facility with Asian Development Bank and Bank of Philippine Islands as well as modifications to the foreign exchange management policy.
The company is proposing to create preferred shares through the reclassification of 100 million unissued common shares, which will be offer to the public or issued via a private placement. The preferred shares will be listed on the stock exchange, it said.
ACEN also wants shareholders to give the go signal on its inclusion of Net Zero greenhouse gas emissions by 2050 in the strategy and roadmap, which include assessments on potential emission reduction activities, and the establishment of near-erm targets aligned with a science-based 1.5°C pathway across the core business units.
The company also wants the execution of a keep whole agreement with Axia Power Holdings Philippines Corp. in relation to the proposed participation by Ingrid Power Holdings, Inc.–their joint venture company–in a bidding for ancillary services with the National Grid Corporation of the Philippines
ACEN’s management has also informed its Board of Directors of its plan to declare and pay dividends in starting the 4th quarter of 2023.
