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Singapore sovereign wealth fund GIC Pte Ltd is buying a 17.5% stake in AC Energy Philippines for 20 billion pesos (US$416 million) via a private placement of new shares and the purchase of existing shares.
The fund will subscribe to four billion primary shares in the energy firm through the private placement, which is expected to take place in the current quarter, AC Energy Philippines says in a filing to the Philippines Stock Exchange on January 4.
The secondary shares will be purchased from its parent company AC Energy and Infrastructure Corp, and is expected to be completed in the third quarter.
The investment is pending regulatory approvals.