Danessa Rivera (The Philippine Star)
- July 25, 2019 - 12:00am
MANILA, Philippines — Phinma Energy
Corp. is completing its reorganization by changing its corporate name, hiking
its capital stock and naming brothers Jaime Augusto and Fernando Zobel de Ayala
as its top officials after the Ayala Group completed the acquisition of
the company last month.
In a disclosure to the Philippine
Stock Exchange yesterday, Phinma Energy said its board elected Fernando as
chairman and Jaime as vice chairman of the company.
The board also approved the change
in name to AC Energy Philippines Inc. and an increase in the firm’s authorized
capital stock from P8.4 billion to P24.4 billion, subject to the approval of
shareholders and the Securities and Exchange Commission (SEC).
The additional capital, which would
be done through a rights offering, would be used for investments, Phinma Energy
president and CEO Eric Francia said in a text message.
“Additional capital will be used for
investments in greenfield projects and acquisition of power assets, including part
of AC Energy Inc.’s on-shore power generation and development assets,” the
company said.
“Any such purchase of AC Energy’s
assets will be subjected to third party valuation and approval of the company’s
board risk management and related party transactions committee,” it said.
These board actions come more than
two months after Phinma Energy elected AC Energy officials namely Francia as
president and CEO, Maria Corazon Dizon as treasurer and CFO, Gabino Ramon Mejia
as head of plant operations, and Roman Miguel de Jesus as head of business
operations.
In a separate disclosure, Phinma
Energy’s subsidiary Phinma Petroleum and Geothermal Inc. (PPGI) will
change its name to ACE Enexor Inc.
Its board also elected Jaime Alfonso
Zobel de Ayala as a new director to serve the remaining term of Roberto Laviña
who resigned last July 1.
The company board also authorized
subsidiary Palawan55 Exploration and Production Corp. to continue the
next phase of Service Contract (SC) 55, a deepwater exploration block off southwest
Palawan, signaling the Ayala Group’s entry into the oil and gas sector.
“We are supportive of developing the
gas prospect,” Francia said.
AC Energy acquired Phinma Energy
from the Del Rosario family for P6.3 billion.
The deal, which was cleared by the
Philippine Competition Commission (PCC) in April, increased AC Energy’s
attributable generation capacity by 240 megawatts.
AC Energy, based on its equity
interest in power generation businesses, owns approximately 1.6 gigawatts (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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