MANILA, Philippines — AC Energy Inc., the energy platform of the Ayala conglomerate, has finalized a deal with the Phinma Group to acquire the latter’s power business for a total of P6 billion. In separate disclosures yesterday, Ayala Corp. and Phinma Corp. said they signed the investment agreement last Friday for the acquisition of the 51.48 percent stake in Phinma Energy Corp. by AC Energy. AC Energy will also subscribe to approximately 2.632 billion Phinma Energy primary shares at par value of P1 apiece or P2.63 billion. Once it obtains regulatory clearances, AC Energy will conduct a tender offer to acquire shares of all Phinma Energy shareholders. It wholly owns Phinma Power Generation Corp., Phinma Renewable Energy Corp., CIP II Power Corp.,One Subic Power Generation Corp. and One Subic Oil Distribution Corp.

Source: Philippine Star February 11, 2019 16:01 UTC