Renewable energy generator Raslag Corp. announced that its board has approved a capital-raising plan aimed at generating up to P2 billion through the private placement of up to 15 million preferred shares. These preferred shares will be issued from the 100 million unissued common stocks the company previously converted into preferred shares.
The company has appointed BPI Capital Corp. as the sole issue manager, lead underwriter, and bookrunner, while Picazo Buyco Tan Fider & Santos will serve as legal counsel.
In addition to the capital raise, Raslag’s board also authorized the purchase of land for the RASLAG VII switching station, covering an area of approximately 1,000 square meters, with an estimated purchase price of Php10 million.
Furthermore, the board authorized company resident Robert Gerard Nepomuceno to negotiate the terms and conditions of a 15-megawatt Peaking Power Supply Agreement with Pampanga I Electric Cooperative, Inc. through direct negotiation. This move is aimed at enhancing Raslag’s capacity to provide reliable energy to meet growing demand.
