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Singaporean fund GIC to acquire 17.5 pct stake in AC Energy for P20-B

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<p>MANILA - AC Energy on Thursday said Singapore-based fund GIC Private Limited will acquire a 17.5 percent stake in the company for P20 billion, a transaction in line with AC Energy&#x27;s expansion to international markets.</p><p>The deal will be finalized this month, it said after getting approval from AC Energy&#x27;s board.</p><p>GIC will acquire the shares through a mix of subscription to AC Energy Philippines shares and property-for-shares swap subject to regulatory approvals.</p><p>&quot;The Investment, which will be implemented through a combination of subscription to 4 billion primary shares (via a private placement) and purchase of secondary shares from AC Energy, will be at a price of P2.97 per share on a post-SRO basis and is subject to agreed price adjustments. The price represents a 25% premium to the board-approved SRO price of P2.37 per share. The terms of ACEN’s SRO, including the offer price, are subject to approval by the Securities and Exchange Commission,&quot; AC Energy parent firm Ayala Corp said in a disclosure to the stock exchange.</p><p>Aside from solar farm projects across the Philippines, AC Energy has renewable energy projects in Vietnam and India.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/19/20/ayala-corps-energy-unit-building-second-solar-farm-in-india">Ayala Corp&#x27;s energy unit building second solar farm in India</a></li>	<li><a href="https://news.abs-cbn.com/business/07/17/20/ayala-unit-says-building-vietnams-biggest-wind-farm">Ayala unit says building Vietnam&#x27;s biggest wind farm</a></li></ul><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/51Z3XwLgHhs?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>AC Energy on Thursday said Singapore-based fund GIC Private Limited will acquire a 17.5 percent stake in the company for P20 billion, a transaction in line with AC Energy's expansion to international markets.</p>

AC Energy on Thursday said Singapore-based fund GIC Private Limited will acquire a 17.5 percent stake in the company for P20 billion, a transaction in line with AC Energy's expansion to international markets.