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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“Just generally as an entrepreneur, you have to think differently in order to be successful. There’s a high risk of being wrong – you have to be audacious, you have to think differently, you have to be confident.” Ray Dalio, founder and chairman of Bridgewater Associates, visited campus tonight for View From The Top.