General Announcement::Amendments to the Articles of Incorporation of AC Energy Philippines

Issuer & Securities

Issuer/ Manager
AC ENERGY FINANCE INTERNATIONAL LIMITED
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
01-Jul-2020 12:48:31
Status
New
Announcement Sub Title
Amendments to the Articles of Incorporation of AC Energy Philippines
Announcement Reference
SG200701OTHR6S21
Submitted By (Co./ Ind. Name)
AC Energy, Inc. / Irene Maranan
Designation
Head, Corporate Communications and Sustainability
Effective Date and Time of the event
29/06/2020 00:00:00
Description (Please provide a detailed description of the event in the box below)
The Philippine Securities and Exchange Commission ("SEC") approved the amendments to Article VII of AC Energy Philippines, Inc.'s ("ACEPH") Articles of Incorporation to (1) increase ACEPH's authorized capital stock from PhP8.4 billion divided into 8.4 billion shares with a par value of PhP1.00 per share to PhP24.4 billion divided into 24.4 billion shares with a par value of PhP1.00 per share (the "Capital Increase"), and (2) include a provision that exempts from the pre-emptive right of existing stockholders the issuance of shares in exchange for property needed for corporate purposes or as payment for previously contracted debt provided that the shares to be issued for this purpose shall not exceed sixteen (16) billion shares.

ACEPH is an affiliate of AC Energy, Inc. ("ACEI"), with ACEI acquiring a controlling interest in ACEPH in June 2019. With the SEC's approval of the Capital Increase, which capital increase was supported by ACEI's subscription to additional shares in ACEPH in consideration for ACEI transferring certain of its Philippine assets to ACEPH under a tax free share swap, ACEI's ownership interest in ACEPH increased from ~66% to ~81%.

ACEPH is a Philippine integrated power solutions company 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 electricity market.

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About AC Energy

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


For inquiries and more information, please contact:

Irene Maranan
Head Corporate Communications and Sustainability
Email : maranan.is@acenergy.com.ph
Contact number: +63 917.5298339