ACEN Corp., the energy generation arm of the Ayala Group, said Wednesday its board approved the terms and conditions of the issuance of up to P25 billion worth of preferred shares.
The listed energy company said the base offer will be P12.5 billion worth of preferred shares while the oversubscription option will cover another P12.5 billion of preferred shares.
The preferred shares will have a par value of P1 but will be offered at a price of P1,000 each. The shares issuance is part of ACEN’s effort to diversify its funding options to include retail investors.
ACEN said the preferred shares will be offered in up to two series, subject to the requirements of registration under the Securities Regulation Code with the Securities and Exchange Commission and for listing with The Philippine Stock Exchange.
The company has shelf registered up to P50 billion worth of preferred shares with the SEC.
