ACEN Corp. is tightening its grip on subsidiary ENEX Energy Corp., converting P75 million worth of receivables into equity in the listed oil and gas explorer.
ACEN said it signed a subscription agreement on February 24 covering 75,055,989 non-voting preferred shares of ENEX at P1 apiece. The subscription price was settled by applying ACEN’s outstanding receivables from ENEX as of December 31, effectively turning debt on the books into fresh capital.
The new shares, to be issued from ENEX’s unissued authorized capital stock, are equivalent to 15.80 percent of the company’s total outstanding shares, subject to regulatory clearance from the Securities and Exchange Commission.
ENEX serves as ACEN’s listed vehicle for oil and gas exploration and production, both locally and overseas. ACEN is already its principal shareholder.
The move strengthens ENEX’s balance sheet without requiring a cash outlay from ACEN, while reinforcing the parent firm’s strategic control. For ACEN, the transaction is a tidy financial maneuver, converting receivables into equity and deepening its investment in a unit that complements its broader energy portfolio.
While ACEN is best known as the renewable energy arm of the Ayala Group, the ENEX stake underscores its continued exposure to conventional energy assets, even as it expands aggressively in renewables.
