AYALA-LED ACEN Corp. is pouring additional investment into its subsidiary Paddak Energy Corp. worth a total of P12 million to provide technical and maintenance services to its local operations.
ACEN signed a contract with Paddak to subscribe to the latter’s 1.2 million common shares and 10.8 million preferred shares at P1 apiece, the company said in a regulatory filing on Thursday.
The shares will be issued from the unissued portion of the authorized capital stock of Paddak, ACEN said.
“The subscription will allow ACEN to have full ownership of Paddak, which will provide technical operations and maintenance-related services to ACEN’s Philippine operating companies,” the company said.
For its international operations, the company said on Wednesday that its affiliate, ACEN Vietnam Investments Pte. Ltd., had acquired a 49% stake in the Vietnamese renewable energy firm BIM Energy Holding Corp. worth $70.5 million.
The acquisition aims to boost ACEN’s pipeline projects in Vietnam.
ACEN, the listed energy platform of the conglomerate Ayala group, boasts about 6.8 gigawatts of attributable renewables capacity in operation, under construction, and committed projects.
The company operates across a diverse range of markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
At the local bourse on Thursday, shares in ACEN fell 4.11% to close at P3.97 apiece. — Sheldeen Joy Talavera