Danessa
Rivera (The Philippine Star) - June 25, 2019 - 12:00am
MANILA, Philippines —
AC Energy Inc., the energy platform of Ayala Corp., has completed the
acquisition of Phinma Energy Corp. from the Del Rosario family for P6.3
billion.
In a disclosure to the
Philippine Stock Exchange yesterday, AC Energy said it has acquired the
combined 51.48 percent stake of Philippine Investment Management (Phinma) Inc.
and Phinma Corp. of the Del Rosario family, in Phinma Energy.
This was done through a
secondary share purchase for P3.67 billion. AC Energy also subscribed to
2.63 billion primary shares at par value.
Meanwhile, the
mandatory tender offer for the shares of Phinma Energy’s minority shareholders
ended on June 19 with a total of 156,476 shares having been tendered.
After the tender offer
and subscription to primary shares, AC Energy will end up owning around 68
percent of Phinma Energy.
“We are pleased to
complete this transaction, as we see Phinma Energy as a platform for AC
Energy’s domestic growth,” said AC Energy president and CEO Eric Francia.
“This is an important
step to achieve AC Energy’s goal of reaching five (gigawatts) GW of renewables
capacity by 2025,” he said.
The Ayala firm earlier
said the transaction would increase its attributable generation capacity by 240
megawatts (MW) once completed.
Phinma Energy wholly
owned Phinma Power Generation Corp., Phinma Renewable Energy Corp., CIP II
Power Corp., One Subic Power Generation Corp. and One Subic Oil Distribution
Corp.
It also owns 60 percent
of Phinma Solar Corp., 50.74 percent of Phinma Petroleum and Geothermal Inc.,
30.65 percent of Palawan Exploration and Production Corp., 45 percent of South
Luzon Thermal Energy Corp. (SLTEC) and 25 percent of Maibarara Geothermal Inc.
AC Energy, based on its
equity interest in power generation businesses, owns approximately 1.6 GW of
generation capacity in operation and under construction.
In 2018, AC Energy
generated 2,800 GWH of energy, 48 percent of which was from renewable sources.
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