ACEN signs $8.02m subscription deal with renewable energy unit

This will be used to increase investment in clean energy projects.

Philippines’ ACEN Corp. has entered into an agreement with its subsidiary Belenos Energy Corporation for the subscription of redeemable preferred shares valued at PHP467.75m ($8.02m) that will support the latter in its implementation of renewable energy projects.

In a bourse filing, ACEN said the agreement covers 467.75 million shares priced at PHP1 ($0.017) apiece. This will be issued out of the increase in authorised capital stock of Belenos, it added. 

“The acquisition will allow ACEN to have a significant ownership in Belenos and is meant to implement Belenos’ investment into a potential renewable energy project,” the Ayala-led company said. 

The transaction will be paid through cash and is still subject to regulatory approval.

PHP1 = $0.017