SEC clears rise in AC energy capital stock
The Securities and Exchange Commission has approved the capital increase of AC Energy Corp. (ACDSI), the listed company told the local stock exchange on Friday.
ACDSI increased its share capital to P48.40 billion from the previous P24.40 billion, which would pave the way for the exchange of assets for share with AC Energy and Infrastructure Corp. for the latter’s international assets.
Rising capital stock is also seen making room for future exercises to raise capital for new projects and other acquisitions.
The increase has already been approved by the majority of the ACDSI board of directors and has been voted on by shareholders representing at least two-thirds of the company’s outstanding shares.
The company headed by Ayala also said on Friday that the SEC gave the green light for the company to revise its articles of association, change its capital, and increase the number of shares exempt from the preferential subscription right of existing shareholders. reach a ceiling of 24 billion, from 16 billion previous limit.
“The proposed change will allow the Company to acquire assets needed for business purposes,” ACDSI said.
The company hopes to become the largest renewable energy platform in the region as it targets a net attributable capacity of 5,000 megawatts by 2025. – Angelica Y. Yang