The corporate regulator stated that it has “considered” the proposal.

AC Energy Corp.’s follow-on offering of up to P16.48 billion has been cleared by the Securities and Exchange Commission (SEC), the corporate regulator announced on Thursday.

The SEC announced that its commission en banc had authorized the Ayala-led company’s registration statement, which included a total of 2,010,248,617 common shares.

The primary offer will consist of 1,580,000,000 shares priced between P6 and P8.20 per share, while the secondary offer will consist of 330,248,617 shares priced between P6 and P8.20 per share.

“The bid includes an overallotment incentive of up to 100 million common shares,” according to the SEC.

If oversubscription is permitted, AC Energy and the sale shareholders could reap P16.08 billion from the follow-on offering, according to the corporate regulator.

The net proceeds from the primary bid, valued at P12.64 billion, would be used to partly finance the construction of power plants, inorganic growth opportunities, debt repayment and payables reduction, and other general corporate requirements, according to the SEC.

The public offering would run from May 3 to 7, with the securities being placed on the local stock exchange on May 14.

By 2025, Ayala Corp.’s energy platform, AC Solar, plans to reach 5 gigawatts of renewable energy potential and produce at least half of its energy generation from renewables.

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