The corporate regulator has approved an offer of 2.27 billion common shares to be distributed over two rounds to existing shareholders from AC Energy Philippines, Inc., the Ayala group company told the bourse Friday.

In an exchange disclosure, AC Energy reported that the price per rights share was set at P2.37.

For qualifying shareholders, the first round contains 2,27 billion shares on a pre-emptive basis. “The rights shares from the first round which were not taken up would be “offered to those who exercised their rights in the first round and indicated their wish to subscribe to the unsubscribed rights shares” during the second round, which is called “mandatory.

The Joint Lead Underwriters of the rights and institutional offers have been identified as BPI Capital Corporation and China Bank Capital.

“In accordance with the specifications of the PSE (Philippine Stock Exchange), no underwriting fees would be received in support of the Rights Deal,” AC Energy said.

AC Energy is engaged in the generation and trading of electricity, discovery of oil and minerals, and growth and manufacturing. Some of its wholly-owned subsidiaries include Phinma Green Energy Corp., CIP II Power Corp. and One Subic Oil Distribution Corp.

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