MANILA - Ayala Corp said Monday its energy unit would acquire a 51.48-percent stake in PHINMA Energy to grow its footprint in power generation.
AC Energy will acquire PHINMA's stake in PHINMA Energy through a P3.42-billion secondary share sale. It will also subscribe to some 2.63 billion primary shares, Ayala Corp told the stock exchange.
"This partnership has prospered over the last 8 years and we welcome the opportunity to now integrate PHINMA Energy into AC Energy’s platform as we grow our presence in the power generation sector," Ayala Corp chairman and CEO Jaime Augusto Zobel de Ayala said.
The partnership will allow PHINMA to focus on expansion, said its president and CEO, Ramon del Rosario Jr.