News

AC Energy completes acquisition of PHINMA Energy

June 2019

PRESS RELEASE (24 June 2019 )

AC Energy, the energy platform of Ayala, has completed the acquisition of PHINMA Inc.’s and PHINMA Corporation’s (collectively, “PHINMA”) combined 51.48%
stake in PHINMA Energy corporation (“PHEN”).
AC Energy acquired PHINMA’s stake via a purchase of secondary shares for
PhP 3.669 billion, AC Energy has also subscribed to 2.632 billion PHEN primary shares at
par value.
Meanwhile, the mandatory tender offer for PHEN shares ended last June 19 with a total
of 156,476 shares having been tendered.
“We are pleased to complete this transaction, as we see PHINMA Energy as a platform
for AC Energy’s domestic growth,” said AC Energy President and CEO Eric Francia. “This
is an important step to achieve AC Energy’s goal of reaching 5GW of renewables
capacity by 2025.”
AC Energy, based on its equity interest in power generation businesses, owns
approximately 1.6 GW of generation capacity in operation and under construction. In
2018, AC Energy generated 2,800 GWH of energy, 48% of which was from renewable
sources.

 

Phinma Energy eyes tender offer

May 2019

Phinma Energy Corp. said Tuesday it will conduct a tender offer to shareholders of Phinma Petroleum and Geothermal Inc. as a part of the sale of its shares to AC Read More

 

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. Read More

 

PCC approves Ayala-PHINMA energy deal

April 2019

MANILA — The Philippine Competition Commission (PCC) has approved the acquisition of the majority stake in PHINMA Energy by Ayala Corporation’s power branch, AC Energy. In its decision dated April 11, Read More