Solar Philippines Power Project Holdings Inc. said Thursday it is willing to sell over 10,000 megawatts of solar portfolio to listed unit Solar Philippines Nueva Ecija Corp. in exchange for shares.
Solar Philippines said in a statement the potential asset for share swap deal could involve 20 solar projects to be exchanged for 24.37 billion SPNEC shares.
SPNEC earlier said its board approved the increase in the authorized capital stock to P5 billion from P1 billion in preparation for possible acquisition through asset-for-share swap. The deal is subject to a third-party valuation and fairness opinion by an independent financial advisor.
SPNEC scheduled a special stockholder’s meeting on March 7, 2022 to approve the proposed capital hike.
Solar Philippines said it is reserving the subject assets for the potential asset-for-share swaps with SPNEC, in the interest of giving this opportunity to SPNEC’s public shareholders.