Economy

AC Energy signs P9-billion share purchase deal with Singapore firm

AC ENERGY and Infrastructure Corp. (ACEIC) has signed a P9.33-billion share purchase agreement with an affiliate of Singapore-based GIC Private Ltd. for a 17.5% stake in the former’s subsidiary AC Energy Corp. (ACEN).

Ayala Corp. said ACEIC will sell 2,689,521,681 secondary ACEN shares to Arran Investment Pte. Ltd. for P3.4678 apiece.

“The sale of secondary ACEN shares to Arran is meant to implement the Investment Agreement that the parties signed on Dec. 30, 2020 to enable Arran to own 17.5% of the outstanding capital stock of ACEN post completion of ACEN’s follow-on offering and the infusion by ACEIC of its international assets into ACEN,” the conglomerate said in a disclosure to the stock exchange on Monday.

Earlier this year, ACEN raised P13 billion from its follow-on offering after selling 2.01 billion common shares. It said the P3.4678 price was agreed on by the parties in their Dec. 30, 2020 Investment Agreement. Ayala said the “pricing mechanism is independent of future market price movements.”

The completion of the share sale is slated for Dec. 10 this year, subject to regulatory approvals.

On Monday, Ayala shares closed higher by 0.97% or P8 to end at P832 apiece, while listed ACEN declined 1.79% or 20 centavos to close at P11 per share. — Keren Concepcion G. Valmonte

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