General Announcement::AC Energy to Consolidate its International and Philippine Platforms

Issuer & Securities

Issuer/ Manager
AC ENERGY FINANCE INTERNATIONAL LIMITED
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
20-Mar-2020 00:25:10
Status
New
Announcement Sub Title
AC Energy to Consolidate its International and Philippine Platforms
Announcement Reference
SG200320OTHR9OT2
Submitted By (Co./ Ind. Name)
AC Energy, Inc. / Irene Maranan
Designation
Head, Corporate Communications and Sustainability
Effective Date and Time of the event
18/03/2020 00:00:00
Description (Please provide a detailed description of the event in the box below)
March 18, 2020 - AC Energy Philippines ("ACEPH"), today announced that its parent company, AC Energy, Inc. ("AC Energy"), will be infusing its international business into ACEPH.

The transaction, which was approved by the Boards of Directors of both companies, will consist of the issuance of additional primary shares of ACEPH stock in favor AC Energy, in exchange for property consisting of shares owned by AC Energy in its 100% subsidiary Presage Corporation ("Presage"), which holds AC Energy's international renewable energy portfolio. The determination of the final issue price and the number of additional shares to be issued to AC Energy was delegated to the Executive Committee, provided that the issue price and number of shares fall within the fair range of values determined by the third party independent valuator, FTI Consulting Philippines, Inc. ("FTI Consulting"). The transaction is subject to regulatory approvals, and is expected to close within the year.

This latest transaction is part of ACEPH's transformation and restructuring. In 2019, the ACEPH Board of Directors approved the infusion of various Philippine assets of AC Energy into ACEPH and subsequently approved a Stock Rights Offering, both of which are undergoing regulatory approvals. After all of these transactions are completed, AC Energy is expected to own approximately 85% of ACEPH.

Both ACEPH and Presage were valued by an independent third-party evaluator FTI Consulting, which is accredited by both the Securities and Exchange Commission and the Philippine Stock Exchange. The third party valuator put the combined value of Presage and ACEPH at approximately Php 97 billion.

ACEPH, a Philippine integrated power solutions company, was founded and incorporated in 1969. One of the early exploration companies in the country, the company has an established power generation portfolio and is a pioneer in the wholesale and retail electricity market. In June 2019, AC Energy acquired a controlling stake in the company.

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About AC Energy, Inc.

AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines.

AC Energy is one of the fastest growing energy companies with over US$1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

From a strong local base, AC Energy is expanding rapidly around the region through strategic partnerships and greenfield initiatives. The company aspires to exceed 5 GW of attributable capacity, and generate at least 50% of energy output from renewables by 2025.

www.acenergy.com.ph