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AC Energy penalized for failing to disclose approval of capital hike

The Philippine Stock Exchange has fined the power generation arm of the Ayala Group for not following its disclosure requirements.

PSE said AC Energy Philippines did not disclose “material information” relating to the approval of its increase in capital stock from P8.4 billion to P24.4 billion.

PSE said AC Energy was also delayed in filing relevant documents tied to the capital hike which was approved by the Securities and Exchange Commission in June 2020.

AC Energy is planning to raise funds through a stock rights offering to bankroll its investments in greenfield projects and acquisition of power assets.

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