The Securities and Exchange Commission has approved a direct sale of Angeles Electric Corp. shares whose proceeds could hit as much as P708 million.
The SEC en banc approved the company’s registration statement covering 1.17 billion common shares of which 207.02 million shares cover the direct sale at P3.42 per share. The company expects proceeds of P708.01 million from the exercise. A portion will fund capital expenditure projects over the next two years.
The shares will not be listed on any exchange and may only be traded over the counter.
“The entire offer shares shall be issued out of the unissued portion of the company’s authorized common capital stock and, upon conclusion of the offer, shall represent seventeen and six tenths percent (17.6 percent) of the company’s issued and outstanding common shares and fifteen percent (15 percent) of its total issued and outstanding capital stock,” the company said in its prospectus.
The share offering will run from 18 to 22 December this year and may be sold to any person, domestic corporation, association or partnership. Foreign ownership is subject to the 40 percent limit of outstanding capital stock.
Angeles Electric has engaged Penta Capital and Investment Corporation as sole underwriter.
The share offering complies with Republic Act No. 9136 or the Electric Power Industry Reform Act requiring the generation companies to sell not less than 15 percent of their common shares to the public.
Angeles Electric operates an electric light, heat and power system in Angeles City, Pampanga of around 132,000 customer accounts as of end-December 2022.
