Deadline beater: ACEN to meet public float threshold with Ayala Corp. property dividend

The Securities and Exchange Commission has approved Ayala Corp.’s (AC) plan to declare shares of its energy unit as dividends.

The property dividend will increase ACEN Corp.’s public float from 15.9 percent to 20.6 percent.

The Philippine Stock Exchange has given all listed firms in its index until December 2022 to raise to a minimum of 20 percent from the current 15 percent of shares not owned by management or controlling shareholders.

The P14 billion worth of ACEN shares were acquired by AC from wholly- owned unit AC Energy and Infrastructure Corp (ACIC) five months ago. AC shareholders as of 27 May 2022 are eligible to get three ACEN shares for every AC share they own.

The payment date will be set after AC obtains the green light from the Bureau of Internal Revenue.

Opec+ likely to maintain oil output levels

Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a meeting Sunday, ahead of fresh sanctions against Moscow coming into force.