ACEN infuses P660M into BCHC to secure land for future projects – BusinessWorld Online
ACEN CORP., the listed energy platform of the Ayala Group, plans to increase its investment in subsidiary Buendia Christiana Holdings Corp. (BCHC) by subscribing to additional shares worth P660 million.
ACEN signed a subscription agreement with BCHC for 660,000 common shares and 5.94 million redeemable preferred shares, priced at P100 per share, the company told the local bourse on Tuesday.
The shares represent 13% of ACEN’s total outstanding shares in BCHC.
The transaction is subject to regulatory approval from the Securities and Exchange Commission for the increase in BCHC’s authorized capital stock.
“The additional capital will be used by BCHC to purchase real property required for various potential power projects,” ACEN said.
BCHC, a subsidiary of ACEN, is a special-purpose vehicle that will hold land for the energy firm’s development projects.
BCHC previously executed an asset-for-share swap with Ayala-led real estate investment trust company AREIT, Inc., in a transaction valued at approximately P6.77 billion.
The deal involved AREIT issuing about 199.1 million primary common shares to BCHC in exchange for 276 hectares of industrial land in Palauig, Zambales. — Sheldeen Joy Talavera