The Philippine Stock Exchange (PSE) approved the P3.3-billion stock rights offering of Solar Power Nueva Ecija Corp. (SPNEC).
SPNEC, according to the terms approved by the PSE, will offer 1.875 billion common shares to eligible shareholders at a price of between P1.50 and P1.76 apiece.
The offering period will start on August 30, 2022 and end on September 5, 2022.
SPNEC plans to use the proceeds from the fund raising activity to finance project development, including securing land and off-take agreements, in support of the company’s goal of building 10 gigawatts of solar projects by 2025.
SPNEC’s parent firm Solar Philippines Power Project Holdings Inc and an affiliate, which collectively own a 70.46-percent stake in SPNEC, will not participate in the mandatory first and second round of the offering to provide maximum availability of rights shares to minority eligible shareholders.