SP New Energy Corp. said Thursday it plans to complete its P2.8-billion stock rights offering to proceed with the planned share swap with parent Solar Philippines Power Project Holdings Inc.
SPNEC said in a stock exchange filing it expects the partially-paid SRO shares to be fully paid by shareholders on or before March 5, based on indications of interest for the company’s shares. The company said if the SRO shares would remain unpaid by the shareholders, Solar Philippines would purchase the remaining shares at P1.50 apiece.
SPNEC conducted a SRO for 1.875 billion shares in September 2022, of which 1.127 billion were fully paid and 748.024 million were partially paid by shareholders, with 25-percent downpayments. The due date on the balance was initially set on Dec. 5, 2022 but was later moved to March 5, 2023. As of Dec. 22, 2022, the company still had 578.768 million remaining partially-paid SRO shares.
“We are grateful to our public shareholders for believing in the value of our company’s shares. With the improved market conditions this year, we hope this will bring forth a positive feedback loop, by enabling the completion of our SRO, and in turn enabling our share swap, private placements and project developments,” said Solar Philippines founder Leandro Leviste. Jenniffer B. Austria