ACEN Corp. signed another subscription agreement with Natures Renewable Energy Development Corp. (NAREDCO) involving 77,710 shares for a total amount of P211.49 million.
In a disclosure to the Philippine Stock Exchange yesterday, the company said the amount will be used to develop the 133 megawatts (MW) Cagayan North solar power plant in Lal-lo, Cagayan.
ACEN also detailed that the latest subscription agreement with NAREDCO involved 44,990 redeemable preferred shares A (RPS A) with a par value of P2,820.51 per share or an aggregate par value of P126.89 million, and 32,720 redeemable preferred shares C (RPS C) with a par value of P2,585.55 per share or an aggregate par value of P84.6 million.
ACEN’s latest subscription brings its total RPS A subscription to NAREDCO at 687,440 shares while RPS C subscription at 499,960 shares, all equivalent to P3.23 billion.
The company had three earlier subscriptions to NAREDCO.
Earlier this week, ACEN also announced plans to raise up to P25 billion on its first tranche of preferred shares issuance to further increase its available funds for expansion projects.
The company said it will offer a first tranche of 25 million shares at an offer price of P1,000 per preferred share to raise as much as P25 billion.
The first tranche will be comprised of up to 12.5 million preferred shares with an oversubscription option of up to 12.5 million out of the total approved preferred shares issuance of 50 million.
Last month, Maria Corazon Dizon, ACEN chief finance officer and treasurer compliance officer, said the company eyes to tap up to P30 billion in borrowings this year to help fund the capital expenditure for the period which may amount to P50 billion to P70 billion.
Dizon said the P30 billion from borrowings is on top of those that will be raised through equity offering by way of preferred shares.
