PCC approves Ayala’s acquisition for P3 billion of PHINMA energy assets

April 2019

The final go-signal has been bestowed by the Philippine Competition Commission (PCC) on the acquisition by AC Energy Inc. of the energy assets of PHINMA group of the Del Rosarios.

The asset purchase covers the combined 51.48% of PHINMA Corporation and its subsidiary PHINMA Energy Corporation.

Following the PCC approval, the next process for asset-taker AC Energy of the Ayala conglomerate will be to undertake the mandatory tender offer process.

In a statement to the media, AC Energy indicated that it will acquire the shareholdings “via a purchase of secondary shares for approximately P3.42 billion,” reckoned from the agreed valuation as of end-December last year but subject to adjustments.

At the same time, AC Energy will also be subscribing into the primary shares of PHINMA Energy worth P2.632 billion at par value.

Altogether, the Ayala energy firm indicated that such shares purchases “will result in a total stake for AC Energy of 68%, subject to the conduct of a tender offer for the shares of PHEN’s minority shareholders.”

AC Energy President and CEO John Eric T. Francia stipulated that the conduct of tender offer is necessary for them to comply with the legal requirements.
“AC Energy will make a tender offer for other PHINMA Energy shareholders who wish to sell their shares,” he said; while adding that the plan is to keep the company listed.

The energy arm of the Ayala group is on its ‘investment platform shift” – with it targeting roughly equal percentage of thermal assets and renewable energy installations onward to year 2025.

The company said it currently has 1,700 megawatts of capacity that are either under operations or undergoing construction – comprising of both coal-fired plants and RE technologies on wind, solar and geothermal in the Philippines and its offshore markets of Indonesia, Vietnam and Australia.

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