ACEN Corp. has inked a subscription contract with a wholly-owned subsidiary for the latter's Palauig Solar 2 project in Zambales.
ACEN Corp. has inked a subscription contract with a wholly-owned subsidiary for the latter's Palauig Solar 2 project in Zambales.In a stock exchange filing on Thursday, ACEN said that it had signed a contract with Giga Ace 8 Inc. for the additional subscription of shares with a total price of P8,699,542,160.These comprise 7,198,575 common A shares, 64,800,388 redeemable preferred A shares, and 16,800,101 redeemable preferred C shares of Giga Ace 8.
The common A shares and redeemable preferred A shares have a price of P10 each, while the redeemable preferred C shares are priced at P100 each.These shares will come from the increase in the unit's authorized capital stock, which is still awaiting approval from the Securities and Exchange Commission.As a result, ACEN hiked its stake in Giga Ace 8 to 53.22 percent from 35.10 percent.The acquisition was completed on June 5, with ACEN paying the initial subscription price of P2,174,885,530.
Subsidiary Ink Subscription Deal
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