24 June 2019 – AC Energy, the energy platform of Ayala, has completed the acquisition of PHINMA Inc.’s and PHINMA Corporation’s (collectively, “PHINMA”) combined 51.48% stake in PHINMA Energy corporation (“PHEN”).
AC Energy acquired PHINMA’s stake via a purchase of secondary shares for PhP 3.669 billion, AC Energy has also subscribed to 2.632 billion PHEN primary shares at par value.
Meanwhile, the mandatory tender offer for PHEN shares ended last June 19 with a total of 156,476 shares having been tendered. This brings AC Energy’s total ownership stake to 68%.
“We are pleased to complete this transaction, as we see PHINMA Energy as a platform for AC Energy’s domestic growth,” said AC Energy President and CEO Eric Francia. “This is an important step to achieve AC Energy’s goal of reaching 5GW of renewables capacity by 2025.”
AC Energy, based on its equity interest in power generation businesses, owns approximately 1.6 GW of generation capacity in operation and under construction. In 2018, AC Energy generated 2,800 GWH of energy, 48% of which was from renewable sources.