Business NEWS

Ayala Corporation is giving its shareholders shares of stock of subsidiary AC Energy Corporation (ACEN) worth about P4.5 billion as a property dividend.

Ayala-led AC Energy Corporation is making headway on its goal to become a leading player in the renewable energy (RE) space, as it advanced into construction phase its 160-megawatt Balaoi & Caunayan wind farm project in Pagudpud, Ilocos Norte; flourishing as the biggest installation on that technology sphere in the country upon its completion.

Ayala-led firm AC Energy Corporation has lowered the scale of proceeds it can fetch from its follow-on offering (FOO) to P13.07 billion from a higher end target of P16.4 billion that it first penciled in early this year.

The 63-megawatt greenfield Gigasol Palauig solar farm development of Ayala-led AC Energy Philippines Corporation has reached commercial operation phase and is now feeding capacity into Luzon grid.

The reins of Ayala Corporation have been passed on to a new Zobel but the firm continues to look for fresh opportunities as it is cautiously optimistic about its post-COVID prospects.

Ayala-led AC Energy Corporation has inked a subscription agreement with its subsidiary firm Giga Ace-4 Inc. for the purchase of common and preferred shares valued at aggregate P2.199 billion.

ACEN, in its disclosure to the Philippine Stock Exchange (PSE), has stated that its FOO was approved on Thursday (February 4) for “primary shares issuance size of up to 2.0 billion shares, with secondary shares to be included as part of the total offering size to be determined at a later date.”

Ayala-led AC Energy Corporation (ACEN) will be completing its series of P30 billion worth of equity-based fund raising activity by concretizing the third leg via a follow-on offering (FOO) this year.

The aggregate 2,267,580, 434 common shares tendered by Ayala-led AC Energy Corporation (ACEN) via its stock rights offering (SRO) had been fully subscribed and had fetched proceeds of more than P5.37 billion.

Ayala-led firm AC Energy Philippines Inc. (ACEN) is accelerating the offer period for its stock rights offering (SRO) that will cover the issuance of 2,267,580,434 shares.

Arran Investment Pte. Ltd., an affiliate of Singapore’s sovereign wealth fund GIC Private Limited, has formalized its 17.5-percent equity acquisition in AC Energy Philippines Inc. (ACEN), a deal which primarily covered P20 billion private placement as part of the ownership take.

The Philippine Stock Exchange is cautiously optimistic that the local stock market will perform better in 2021 and expects at least 10 companies to raise funds via the bourse through public offerings of stocks.

Ayala-led AC Energy Philippines Inc. (ACEN) has slated February next year as the offer period for its stock rights offering (SRO), in which 2,267,580, 434 common shares will be issued.

The energy investment arm of the Ayala group will be injecting additional investments of P10.81 billion for greenfield solar and wind power projects in the Luzon grid.

            Ayala-owned AC Energy Philippines is breaking free from coal-fired generating facilities, hence, it is casting the divestment of its shareholdings in the 1,336-megawatt Dinginin power project and the 360MW Mariveles coal plant, its joint venture with the Aboitiz group.

The energy investment arm of the Ayala Group will be raising additional US$500 million to US$600 million from its targeted cash-raising activities next year, so it can cover the bulk of equity that it will need to inject on its targeted renewable energy (RE) projects in the Philippines and overseas.

               The country’s biggest power generation companies are eyeing to join the competitive selection process (CSP) of Manila Electric Company (Meralco) so they can corner contracts on the utility firm’s future power supply portfolio.

Ayala Corporation reported a 75 percent fall in net income to P11.4 billion in the first nine months of the year but noted that its performance in the third quarter is much improved compared to the second quarter of 2020.