Weak market conditions force Ayalas to scrap ACEX fund-raising activities, share swap with ACEN

The Ayala Group’s oil and gas exploration unit has dropped plans for a follow-on offering and stock rights offer due to volatile market conditions.
In a regulatory filing, ACE Enexor said its board approved the cancellation of the conduct of a stock rights offer which was supposed to raise P1.05 bilion.
The board likewise abandoned plans to raise around P876 million from the issuance of 74 million shares at a maximum price of P11.84 each.
ACE Enexor also canceled the property-for-share swap with AC Energy Corp. and withdrew its application for a certificate authorizing registration that is pending with the Bureau of Internal Revenue in relation to the property-for-share swap.
Under the property-for-share swap, ACEN was supposed to assign its 100 percent equity in five project companies, valued at P3.39 billion, in exchange for 339.076 million primary shares to be issued by ACE Enexor at P10 per share.
The five companies are Palawan 55 Exploration and Production Corp., Bulacan Power Generation Corp., One Subic Power Generation Corp., CIP II Power Corp., and Ingrid3 Power Corp.