ACEN Corp., the energy unit of Ayala Corp., said Wednesday it is looking to raise as much as P25 billion from the sale of newly-created preferred shares.
The company said it will offer 12.5 million preferred shares at a price of P1,000 each, with an oversubscription option of up to 12.5 million preferred shares. The stocks are part of 50 million preferred shares that ACEN registered with the Securities and Exchange Commission to diversify its source of funding for capital expenditure and debt payments.
The company has filed an application to list the preferred shares on the Philippine Stock Exchange.
ACEN has about 4,000 megawatts of attributable capacity in Australia, Indonesia, the Philippines and Vietnam, the largest listed renewables firm in Southeast Asia. As part of its net zero greenhouse gas emission strategy by 2050, ACEN is looking to have a fully renewables generation portfolio by 2025 and had 20 gigawatts of renewables capacity by 2030.
