AC ENERGY Corp. has subscribed for P415 million in Buendia Christiana Holdings Corp. (BCHC) shares to finance the wholly owned subsidiary’s purchase of prospective project sites, the listed company said on Wednesday.

BCHC is an AC Energy special purpose entity that will own the land for the development projects of its parent company.

According to a regulatory filing, the listed company recently signed an agreement that allows it to subscribe to 75 million redeemable preferred A shares with a par value of P0.10 per share and 4.08 million redeemable preferred B shares at P100 each in BCHC.

The shares will be issued from the authorized capital stock of the entity.

According to AC Energy, “the subscription will be utilized by BCHC to finance the purchase of prospective project sites.”

The transaction is subject to the required regulatory approvals from the corporate regulator on BCHC’s capital stock increase, as well as the full payment of the subscription fee, according to the company.

AC Energy announced in December 2020 that it will invest P350 million in BCHC to finance the purchase of prospective project locations.

The Ayala-led company’s attributable net income increased by 54% in the first quarter to P829.32 million from P539.58 million in the same time last year, owing to greater revenues from power sales.

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