Power

AC Energy subsidiary dumps P58M of Ayala power firm’s shares amid frenzied buying

A subsidiary of AC Energy took advantage of the robust demand for its stock ( to unload a big chunk of its holdings.

Bulacan Power Generation unloaded 8.2 million shares of AC Energy on November 24 at all-time high levels of P6.60 to P6.90.

RELATED STORY: Peak selling: Ayalas raise P13.5M from disposition of subsidiary’s stake in AC Energy

AC Energy dropped nine percent to P6.01 on November 25 from the previous day’s close of P6.60.

Nearly a month ago, Bulacan Power offloaded 3.5 million shares at P3.82 to P3.87 apiece.

Insiders of AC Energy also jumped on the buying frenzy of the firms shares. AC Energy Corporate Secretary Solomon Hermosura sold all of his 8.368 million shares from October 12 to 22 at low of P3.28 to a high of P3.70. Hermosura raised nearly P30 million from the sellout.

AC Energy head of commercial operations Roman Miguel G. De Jesus disposed all of 3.67 million shares at P3.64 to P3.70 on October 22. He raised close to P4 million from the sale.

AC Energy corporate communications head Irene S. Maranan joined the shares dump by offloading 200,000 shares at P4.91 to P5.11 per share on November 18 and 19. She still has 3.9 million shares left in AC Energy.

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