ACE Enexor suspended after acquiring thermal power generation assetsThe PSE suspended ACE Enexor [ACEX 39.00 susp] yesterday under the Backdoor Listings rule, after ACEX acquired stakes in 5 thermal power generation assets from AC Energy [ACEN 10.50 4.55%], ACEX’s parent company, in exchange for 339,076,058 newly-issued shares of ACEX at a value of P10/share, for a total value of P3.4 billion. The PSE determined that the transaction fell under the Backdoor Listing rule because the assets that ACEX acquired from ACEN are all power-generation assets, and ACEX itself is a gas and exploration company. The rule applies when a transaction with an unlisted company results in “a substantial change in its business upon completion of the transaction”. --Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock.

Source: Philippine Star January 04, 2022 03:20 UTC