MANILA - AC Energy on Thursday said Singapore-based fund GIC Private Limited will acquire a 17.5 percent stake in the company for P20 billion, a transaction in line with AC Energy's expansion to international markets.
The deal will be finalized this month, it said after getting approval from AC Energy's board.
GIC will acquire the shares through a mix of subscription to AC Energy Philippines shares and property-for-shares swap subject to regulatory approvals.
"The Investment, which will be implemented through a combination of subscription to 4 billion primary shares (via a private placement) and purchase of secondary shares from AC Energy, will be at a price of P2.97 per share on a post-SRO basis and is subject to agreed price adjustments. The price represents a 25% premium to the board-approved SRO price of P2.37 per share. The terms of ACEN’s SRO, including the offer price, are subject to approval by the Securities and Exchange Commission," AC Energy parent firm Ayala Corp said in a disclosure to the stock exchange.
Aside from solar farm projects across the Philippines, AC Energy has renewable energy projects in Vietnam and India.