ACEN Corp., the energy arm of the Ayala Group, said Monday it received the pre-effective letter of the Securities and Exchange Commission that favorably considered the shelf registration of up to 50 million in peso-denominated, perpetual, non-convertible but redeemable preferred shares.
“The pre-effective letter is without prejudice to the prerogative of the SEC to act later against the subject entity, if warranted, to ensure full compliance with the provisions of the Securities Regulation Code” and other rules, ACEN told the Philippine Stock Exchange.
ACEN is looking to raise P25 billion from the first tranche of the preferred shares issuance this year. The energy company is looking to raise from the market P30 billion to partially fund a P70 billion capital spending plan this year.
The company plans to avail of up to P5 billion from a credit facility with China Banking Corp. and up to $50 million from an omnibus credit line with Mitsubishi UFJ Financial Group.
ACEN is looking to be one of the largest renewable energy companies in Southeast Asia, with a capacity goal of 20 gigaWatts by 2030.
