BusinessWorld
March 11, 2021 | 12:10 am
ARRAN Investment will subscribe to four billion primary shares through a private placement at P2.97 apiece. ACENERGY.COM.PH
AN AFFILIATE of Singapore firm GIC Pte. Ltd. will be investing P11.88 billion in AC Energy Corp. (ACEN) for a 17.5% ownership stake in the local firm, the Ayala-led company said in a regulatory filing on Wednesday.
ACEN said that Arran Investment Pte. Ltd. would be subscribing to four billion primary shares through a private placement at P2.97 apiece.
The investment is subject to two pre-closing conditions, namely: ACEN’s completion of its stock rights offering of 2.27 billion shares at P2.37 apiece; and the issuance by the Treasurer of the Commonwealth of Australia or his delegate of a notice of no objection under the Foreign Acquisitions and Takeovers Act 1975 with respect to Arran and the AC Energy and Infrastructure Corp. (ACEIC) “international transaction.”
BusinessWorld
March 10, 2021 | 12:03 am
AYALA-LED AC Energy Corp. (ACEN) booked a net income of P3.87 billion last year, around 29 times higher than what it earned a year earlier on the back of higher electricity sales.
In a filing to the local bourse on Tuesday, ACEN said revenues from electricity sales rose 26.01% to P20.28 billion in 2020. It noted that the cost of selling electricity decreased 12.3% to P13.42 billion during the year.
The firm also recorded a net income attributable to parent firm equity holders of P3.75 billion last year, 65 times higher than the P57.65 million posted in 2019.
Total assets improved by 30.98% to P63.58 billion, while total liabilities rose by 31.31% to P42.22 billion.
AC Energy to divest from Mindanao coal plant bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
PricewaterhouseCoopers, McKinsey, KPMG seek deal adviser roles
Ukiri Lijadu and Kenna Partners appointed as legal advisers
Nigeria plans to hire an asset manager for its new Infrastructure Corp. of Nigeria Ltd., designed to raise as much as 15 trillion naira ($36.7 billion) for projects and to accelerate growth in Africa’s biggest economy.
Nigeria’s central bank and its funding partners – Africa Finance Corp. and state-owned Nigeria Sovereign Investment Authority are seeking proposals from companies to independently manage the infrastructure company’s capital-raising plan, according to a person with knowledge of the matter. The person requested not to be named because the matter is not yet public.