The Ayala Group has taken in an affiliate of Singapore’s sovereign wealth fund GIC Private Ltd. as a strategic minority investor in AC Energy Philippines (ACEN).
Arran Investment Pte Ltd is acquiring a 17.5% stake in ACEN in a deal valued at around P20 billion, conglomerate Ayala Corp. said in a stock exchange filing.
The investment will be implemented via the sale of four billion primary shares through a private placement and purchase of secondary shares from AC Energy at a price of P2.97 per share.
The price represents a 25% premium to the board-approved stock rights offering (SRO) price of P2.37 per share, which is subject to regulatory approval, and is at par with the theoretical ex-rights price using the 30-day volume weighted average price of Php3.51 per share.
AC Energy will not participate in the initial round of the SRO to provide maximum availability to minority shareholders.
The deal is expected to be completed by next year.
AlphaPrimus Advisors acted as financial advisor to ACEN and AC Energy for this transaction.