Published March 8, 2021, 3:28 PM
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.
The Ayala firm said it purchased from its subsidiary-firm 43,975,374 common A shares for P219.876 million; and 395,958,366 redeemable preferred A shares for P1.979 billion.
The shares subscription, it was emphasized, shall be issued out of the authorized capital stock of Giga Ace 4, which is a subsidiary of AC Energy developing the 40-megawatt Alaminos battery energy storage system (BESS) project in Laguna.
The Ayala firm indicated in a disclosure to the Philippine Stock Exchange (PSE) that the payment of the shares subscriptions shall be done in tranches — with an initial payment in April this year.