(Last Updated On: January 25, 2023)
ACEN disclosed today that it is going to acquire 500 Million shares from SPNEC through its Solar Philippines Power Project Holdings Inc and its affiliate Provincia Investments Corp (PIC).
This is a part of previous deal between ACEN and SPNEC group which includes pre-payment for the loan’s principal.
Below is the PSE Edge Disclosure from ACEN.
On 22 January 2021, the Company and Solar PH signed agreements for a proposed joint venture for solar power plant projects in Central Luzon. Pursuant to this, on 25 June 2021, the Company and PIC (an affiliate of Solar PH) signed the OLSA for a loan with a repayment date of 2 July 2026 secured by a pledge over shares owned by Solar PH in SP New Energy Corporation (“SPNEC”), formerly Solar Philippines Nueva Ecija Corporation.
The Company’s Executive Committee (acting on authority from the Board) approved today, 25 January 2023, the execution by the Company of definitive agreements whereby the Company will receive from Solar PH, 500 million shares in SPNEC, a listed company which is an affiliate of Solar PH (which SPNEC shares have a market value of ~Php 660 million as of 24 January 2023) as (a) pre-payment for part of the loan’s principal, and (b) payment of interest and arrangement and security amendment fees in consideration for the Company releasing its pledge over shares owned by Solar PH in SPNEC (the “Transaction”). The Executive Committee also approved the delegation of authority to the President, John Eric T. Francia, to approve the final terms and conditions of the definitive agreements.
Immediately after approval of the Executive Committee, the Company signed the definitive agreements for the Transaction with PIC and Solar PH.
SPNEC stock price move up by 3.79% for today’s trading.