ACEN reclassifies 100 million of its shares from common to preferred

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ACEN Corp. announced on Wednesday that its board of directors had approved the reclassification of 100 million unissued common shares.

In a regulatory filing, the Ayala-led energy company said its board had cleared an amendment to the company’s article of incorporation to reclassify 100 million unissued common shares at a par value of P1 per share into preferred shares.

ACEN’s board also approved the procurement of an additional P32 billion via credit facilities.

The company said its 2050 strategy and roadmap will include its net-zero greenhouse gas emissions target and an assessment of the potential emission activities.

“The establishment of near-term targets aligned with a science-based 1.5°C pathway across the core business units,” ACEN said.

ACEN’s board also approved the execution of an agreement with Axia Power Holdings Philippines Corp. regarding the planned participation of Ingrid Power Holdings, Inc. to provide ancillary services or reserve power to the National Grid Corp. of the Philippines.

ACEN said it would increase its land acquisition budget and the expansion of its use in Australia and Indonesia.

In February, ACEN announced that its unit ACEN Renewables International (ACRI) had fully acquired ACEN Australia.

ACEN Australia is the joint venture holding company of ACRI and UPC Renewables Asia Pacific Holdings Pte. Ltd. for ACEN’s energy projects and investments in Australia.

At the local bourse on Wednesday, shares in the company lost 18 centavos or 2.69% to end at P6.52 apiece. — Ashley Erika O. Jose