Solar Philippines Nueva Ecija Corp. said Thursday it plans to conduct a P10-billion stock rights offering in June as it aims to speed up the development of 4 gigawatts of solar projects.
The P10-billion fund raising activity will come six months after SPNEC’s initial public offering in December.
SPNEC said in a disclosure to the stock exchange it would use the proceeds from the rights offering to accelerate the development of solar projects to be acquired from parent Solar Philippines under an asset-for-share swap deal.
“We note the feedback of our public shareholders who want us to accelerate our business plan, ahead of the consummation of the increase in authorized capital stock and share swap. As such, we are preparing SPNEC to accelerate the development of our largest projects, from the proceeds of an earlier filed SRO, given the importance of speed in developing projects to meet the growing demand for solar in the Philippines,” said Solar Philippines founder Leandro Leviste. Jenniffer B. Austria