ACEN Corp. is looking to generate approximately P25 billion in funds through the sale of preferred shares, as the company aims to strengthen its financial position and pursue growth opportunities.
The company has filed a registration statement with the Securities and Exchange Commission (SEC) for the shelf registration of up to 50 million preferred shares.
ACEN’s board of directors has greenlighted a plan to sell up to 25 million preferred shares consisting of a maximum of 12.5 million preferred shares, with an oversubscription option of up to 12.5 million additional preferred shares.
Each preferred share is priced at P1,000.
The preferred shares may be issued in up to two series, at the discretion of ACEN.
This flexibility allows the company to tailor the offering to meet the needs of investors and align with its strategic objective.
ACEN said it has also filed an amendment to its Articles of Incorporation to create preferred shares via the reclassification of 100 million unissued common shares.