ACEN Corp., the listed energy arm of the Ayala Group, on Monday said that it had fully acquired Paddak Energy Corp. after signing a subscription contract for an additional 25 percent stake.
“The subscription will allow ACEN to have full ownership in Paddak, which will provide technical operations and maintenance-related services to the Ayala-led firm’s Philippine operating companies,” the company told the stock exchange.
Under the deal signed on Monday, ACEN will subscribe to 1.175 million common shares and 10.575 million preferred shares of Paddak, all at a par value of P1.00 each.
The transaction value amounts to about P11.75 million, of which ACEN made a partial cash payment of around P2.94 million. It said the investment would be used for the operations of Paddak.
Closing of the deal is “subject to the necessary regulatory approval by the Securities and Exchange Commission on the increase in authorized capital stock of Paddak,” ACEN said.
In November, ACEN acquired 1.20 million common and 10.80 million preferred shares in Paddak for a total of P12 million, giving it 75-percent ownership of the target company.
Meanwhile, ACEN also said that it expected to have 1.2 gigawatts (GW) of capacity by end-2025.
ACEN President and CEO Eric Francia told reporters on Monday that the capacity was spread across the globe and formed part of its 6.8-GW generation portfolio.
More than 3 GW is already operational, around 2.3 GW is still under construction, and 1.4 GW are committed projects.
ACEN shares on Monday rose by P0.20, or 5.65 percent, to P3.74 apiece.
Be the first to comment