The Securities and Exchange Commission has authorized AC Energy Corp.’s (ACEN) capital increase, the listed company said on Friday to the local stock exchange.
ACEN raised its capital stock from P24.40 billion to P48.40 billion, paving the stage for an asset-for-share exchange with AC Energy and Infrastructure Corp. for the latter’s foreign holdings.
The increase in capital stock is also expected to free up funds for future capital raising activities for new projects and acquisitions.
The increase had already been authorized by a majority of ACEN’s board of directors, and investors representing at least two-thirds of the company’s outstanding capital stock had voted on it.
The SEC also gave the go-ahead for the Ayala-led company to change its articles of incorporation, change its capital stock, and increase the number of shares exempted from current owners’ pre-emptive rights to a 24-billion maximum, up from the previous 16-billion limit.
“The proposed change would enable the Company to purchase assets required for corporate purposes,” according to ACEN.
The company aims to become the region’s biggest listed renewables platform by 2025, with a net attributable capacity of 5,000 megawatts.