ACEN infuses P875M into unit for land acquisition – BusinessWorld Online
AYALA-LED ACEN Corp. is infusing P875 million into its subsidiary, Buendia Christiana Holdings Corp. (BCHC), to support the acquisition of land parcels intended for future power projects.
In a stock exchange disclosure on Thursday, ACEN said it had subscribed to an additional 875,000 common shares and 7.88 million redeemable preferred shares, both priced at P100 apiece.
“The proceeds of ACEN’s subscription will be used by BCHC to acquire additional parcels of land for the ACEN group’s various potential power projects,” the company said.
The shares, representing 15% of the total outstanding shares of ACEN, are subject to the approval of the Securities and Exchange Commission for the increase in BCHC’s authorized capital stock to up to P8.5 billion.
BCHC, a subsidiary of ACEN, is a special-purpose vehicle established to hold land for the energy firm’s development pipeline.
In March, ACEN subscribed to P660 million worth of common and redeemable preferred shares to fund the purchase of real property needed for various potential power projects.
ACEN is currently developing multiple energy projects within and outside the Philippines as part of its goal to reach 20 gigawatts (GW) of attributable renewable capacity by 2030.
To date, ACEN has 7 GW of attributable renewable energy capacity across operational, under-construction, and committed projects. Its geographic footprint spans the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
On Thursday, shares in the company rose by 0.79% to close at P2.55 apiece. — Sheldeen Joy Talavera