ACEN gets green light to sell maiden Philippine Peso-dominated preferred shares

The company could raise up to PHP438m from the 25 million preferred shares issuance.

Philippines’ ACEN Corporation has received permission from the Securities and Exchange Commission for the public offer and sale of up to 25 million preferred shares, raising up to $438m (PHP25b) to fund its eligible green projects.

In a disclosure, ACEN said the preferred shares are the first tranche of its three-year self-registration of up to 50 million shares.

It added that the first tranche is composed of 12.5 million perpetual, cumulative, non-voting, non-participating, non-convertible, redeemable and re-issuable preferred shares with an oversubscription of up to 12.5 million.

The shares have an offer price of $17.54 (P1,000) per share and will be offered in two series for a total offer of up to $438m (PHP25b).

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ACEN said the Series A Preferred Shares, traded under ACENA, will have an initial dividend rate of 7.1330% annually with a divided rate re-setting on the fifth anniversary of the issuance.

Series B, meanwhile, will be traded under ACENB with a fixed dividend rate of 8%.

“This issuance further strengthens ACEN’s balance sheet and will help the company attain its 2030 aspiration of achieving 20 GW of renewables. ACEN is currently building around 1,100 MW of renewable energy plants in the Philippines, and more projects are expected to be added in the coming years. This financing initiative will enable ACEN to continue its aggressive renewables expansion,” said ACEN Presiden and CEO Eric Francia.

The share will be offered until 23 August with the listing date on the main board of the Philippine Stock Exchange targetted on 1 September. 

$1 = PHP57.02