Update on GIC Private Limited’s Php 20bn Investment in AC Energy Philippines

On 30 December 2020, AC Energy Philippines (PSE: ACEN) and its parent company, AC Energy and Infrastructure Corporation (“AC Energy”; formerly, AC Energy, Inc.), signed an Investment Agreement with Arran Investment Pte Ltd, an affiliate of GIC Private Limited (“GIC”), for GIC’s acquisition of an effective 17.5% ownership stake in ACEN (the “Investment”).

The ACEN Board of Directors previously approved the Investment during its meeting on 11 November 2020.

The Investment will be implemented through a combination of subscription to four billion primary shares (via a private placement) and purchase of secondary shares from AC Energy.

The completion of the subscription by the GIC affiliate to primary shares is subject to the satisfaction of agreed conditions precedent, which includes among others, the completion by ACEN of its stock rights offering, which is expected to occur in the first quarter of 2021, and applicable regulatory approvals. On the other hand, the completion of the purchase by the GIC affiliate of secondary shares from AC Energy is subject to the completion of the infusion by AC Energy of its international business into ACEN by way of a property for shares swap, which is expected to occur in the third quarter of 2021, and applicable regulatory approvals.

AlphaPrimus Advisors acted as financial advisor to ACEN and AC Energy for this transaction.

Source: acenergy