THE Philippine Stock Exchange (PSE) has approved ACEN Corp.’s follow-on public offering of the company’s perpetual preferred shares.
The local bourse said it has authorized the shelf listing of up to 50 million perpetual preferred shares with an offer price of P1,000 per share.
“The shares shall be offered by ACEN within a period of three years from the date of effectivity of the registration statement, and these shares will be issued from the company’s unissued authorized capital stock,” the PSE said in a disclosure on Tuesday.
The PSE noted that a total of up to 25 million shares will be offered as the first tranche.
The base offering will have 12.50 million preferred shares, with an oversubscription option of up to 12.50 shares.
“The first tranche shares will be offered in up to two series: Series A Preferred Shares and Series B Preferred Shares at the same offer price. The company, in consultation with the underwriters, shall have the discretion to allocate the offer to just one or up to two series at the end of the offer period based on the results of the book-building exercise,” the PSE said.
The offer period starts on Aug. 11, 2023, and ends on Aug. 23, 2023. Afterwards, these shares will be listed on the exchange on a tentative date of Sept. 1, 2023.
Before the PSE’s approval, the Securities and Exchange Commission also greenlit the offering on July 28, 2023.
The agency said the proceeds of this offering will be allocated for the refinancing of short-term loans for eligible green projects, the company’s solar projects in Pangasinan, Zambales and Cagayan, and wind projects in Ilocos Norte.
ACEN engaged BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Corp. as joint lead underwriters and bookrunners for this offer.