ACEN takes over SSPCMANILA, Philippines — ACEN Corp. has acquired shares from two companies in line with its takeover of a special purpose vehicle that will develop a 60-megawatt peak (MWp) solar power plant in San Manuel, Pangasinan. ACEN, in a stock exchange filing, said it signed a deed of absolute sale of shares with Sungrow Power Renewables Corp. (SPRC) for the acquisition of 4,400 Class A common shares in Sinocalan Solar Power Corp. (SSPC). The company also inked a deed of absolute sale of shares with Havilah AAA Holdings Corp. for the acquisition of 600 Class B common shares in SSPC, as well as a deed of assignment of subscription rights to 6,000 Class B common shares in SSPC. Further, a subscription agreement was also entered into with SSPC for the subscription by ACEN to 600,000 Redeemable Preferred Shares B (RPS B), to be issued out of the increase in authorized capital stock of SSPC. Upon the acquisition of the 400,000 RPS A shares, ACEN will have 100 percent ownership of SSPC.

Source: Philippine Star December 19, 2022 16:55 UTC