By:
Ronnel W. Domingo / 05:28 AM October 18, 2019
Phinma Energy Corp., now AC Energy Philippines Inc., on Thursday said its board
had approved the increase in its authorized capital stock to P24.4 billion or
almost triple the previous P8.4 billion, partly to expand its portfolio of
assets and projects.
In a regulatory filing,
the company, which is now a subsidiary of the Ayala group’s AC Energy Inc.,
also said the Securities and Exchange Commission approved on Oct. 11 the change
of its corporate name.
“In relation to the increase in authorized
capital stock, the company plans to raise capital through a rights offering,”
it added.
The company said the
additional capital would be used for investments in greenfield projects and
acquisition of power assets, including part of AC Energy’s onshore power
generation and development assets.
Last week, AC Energy
Philippines said it intended to avail itself of loans of up to P15 billion, and
that it would invest in greenfield developments such as a solar farm project in
Laguna and a diesel-fired power project in Rizal.
Also, the company will
assume the right to purchase the 20-percent interest of Axia Power Holdings
Philippines Inc.—a unit of Marubeni Corp.— in South Luzon Thermal Energy Corp.
(SLTEC), which is a joint venture among AC Energy, Phinma Energy and Axia
Power.
In September, following the first annual stockholders meeting of Phinma Energy
under new management, company president John Eric T. Francia said they were in
the process of combining the assets and capabilities of AC Energy and Phinma
Energy “to form a stronger and more agile energy platform,” which was intended
to be the leader in renewable energy in the Philippines.
Francia said the
subsidiary was eyeing close to $2 billion or P100 billion of investments in
domestic renewable energy projects, with a goal of racking up a total of 2,000
megawatts of capacity within six years.
Francia said the consolidation
of the company’s ownership would enable SLTEC to withstand market volatility
and be competitive for the long term.
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