Power

AC Energy plans up to P16.4B follow-on stock offer

The Ayala Group’s domestic and international power generation platform is seeiking to raise between P12 billion and P16.4 billion from the sale of new shares through a re-initial public offering.

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

In a filing with securities regulators, AC Energy (ACEN) said its executive committee approved the issuance of as much as two billion shares at a price ranging from P6 to P8.20 per share.

READ: AC Energy firms up rights offer plans

ACEN president and CEO Eric Francia said the volume has yet to be finalized and that there may be some secondary share component.

READ: AC Energy moves rights offer to Jan. 18

The company is targeting to conduct the re-IPO in the middle of the year as it goes full blast on its expansion.

ACEN aims to hit 2,500 megawatts of renewable energy capacity this year and double this by 2025.

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