Business World Online
Posted on January 29, 2012 10:33:22 PM
THE POWER unit of Ayala Corp. has moved closer to getting regulators’ approval for a planned capital stock hike, with a Securities and Exchange Commission (SEC) division granting its endorsement.
THIS wind farm located in Bangui Bay, Ilocos Norte is co-owned by Ayala Corp. through a subsidiary’s 50% stake in Northwind Power Development Corp. -- AFP
AC Energy Holdings, Inc. obtained recommending approval from the SEC’s audit division on Jan. 25 after filing an application to hike capital stock to P4.5 billion from P10 million last month.
“In view of the foregoing, the increase in the authorized capital stock of the corporation may be given in due course insofar as the subscription of P2.178-billion worth of shares and full payment thereon in the form of advances/deposits for future subscription are concerned,” the document stated.
Its parent Ayala Corp. has subscribed and paid up P2.178 billion, documents further showed. Officials could not be immediately reached for additional comments.
SEC Registration and Monitoring Department Director Benito A. Cataran will have to grant final approval for the capital stock hike to be cleared.
The development comes as AC Energy Holdings, formerly Michigan Power, Inc., is readying investments into solar, wind, and mini-hydro power projects.
The Ayala group had said it plans to build a portfolio of power generation assets of more than 1,000 megawatts (MW) over the next five years.
Ayala had earlier said it may sell P10-billion worth of long-term preferred shares to raise funds for new investments.
Last year, AC Energy Holdings entered into a joint venture with Trans-Asia Oil and Energy Development Corp to build a 135-MW power plant in Calaca, Batangas. Construction stared in September last year.
Ayala had also acquired a 50% stake in the firm behind the 30-MW Bangui wind farm in Ilocos Norte and had forged a separate joint venture to develop hydro plants. -- Cliff Harvey C. Venzon
“In view of the foregoing, the increase in the authorized capital stock of the corporation may be given in due course insofar as the subscription of P2.178-billion worth of shares and full payment thereon in the form of advances/deposits for future subscription are concerned,” the document stated.
Its parent Ayala Corp. has subscribed and paid up P2.178 billion, documents further showed. Officials could not be immediately reached for additional comments.
SEC Registration and Monitoring Department Director Benito A. Cataran will have to grant final approval for the capital stock hike to be cleared.
The development comes as AC Energy Holdings, formerly Michigan Power, Inc., is readying investments into solar, wind, and mini-hydro power projects.
The Ayala group had said it plans to build a portfolio of power generation assets of more than 1,000 megawatts (MW) over the next five years.
Ayala had earlier said it may sell P10-billion worth of long-term preferred shares to raise funds for new investments.
Last year, AC Energy Holdings entered into a joint venture with Trans-Asia Oil and Energy Development Corp to build a 135-MW power plant in Calaca, Batangas. Construction stared in September last year.
Ayala had also acquired a 50% stake in the firm behind the 30-MW Bangui wind farm in Ilocos Norte and had forged a separate joint venture to develop hydro plants. -- Cliff Harvey C. Venzon
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