AC Energy stockholders approve infusion of foreign capital on April 19, 2021 at 7:37 pm
Stockholders of AC Energy Corporation (ACEN) have formally approved the infusion of Php85.9 billion worth of foreign assets into the Ayalas’ power arm.
The approval of the was officially confirmed by ACEN director and corporate secretary Solomon Hermosura during the company’s annual stockholders meeting on Monday based on the voting result of its majority shareholders.
The foreign capital infusion will be done via a property-for-share swap between ACEN and parent firm AC Energy and Infrastructure Corporation (ACEIC).
Under the deal, ACEN will issue around 16.7 billion shares to ACEIC at Php5.15 apiece in exchange for property consisting of 100% of ACEIC’s shares in AC Energy International Inc. This will cover 1,400 megawatts (MW) of projects in Australia, India, Indonesia, and Vietnam. ACEN’s board had approved the move last month.
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