GIC Private Limited to invest Php20bn in AC Energy Philippines

AC Energy Philippines (PSE: ACEN) today announced the potential investment of an affiliate of GIC Private Limited (“GIC”), Arran Investment Pte Ltd, in ACEN, in a deal valued at approximately Php 20bn.

The Board of Directors of ACEN approved today the proposal of GIC’s affiliate to acquire a 17.5% ownership stake in ACEN (the “Investment”), and which 17.5% ownership stake is on the basis that ACEN’s stock rights offering (“SRO”) and follow-on-offering, and the infusion by ACEN’s parent company, AC Energy, Inc. (“AC Energy”), of its international business into ACEN, have been completed.

The Investment, which will be implemented through a combination of subscription to four billion primary shares (via a private placement) and purchase of secondary shares from AC Energy, will be at a price of Php2.97 per share on a post-SRO basis and is subject to agreed price adjustments. Read more…..


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