Philippines’ SPNEC to complete stock rights offering for share-swap deal

This will enable its share swap agreement with Solar Philippines Power Project Holdings, Inc. (SP).

SP New Energy Corporation (SPNEC) has completed its stock rights offering (SRO) to enable its share swap agreement with Solar Philippines Power Project Holdings, Inc. (SP).

The company projected that the partially paid SRO shares will likely be fully paid, based on indications of interest. SP has also offered to purchase the remaining shares as of March 2023 at the SRO price of Php1.50 per share.

SPNEC’s closing price as of 8 February 2023 stood at Php1.54 per share, 2.67% above its SRO price.

In September 2022, SPNEC conducted a Stock Rights Offering for 1.87 billion shares, of which 1.12 billion were fully paid and over 748 million were partially paid, with 25% down-payments.

The due date on the balance of the partially paid shares was initially set on 5 December 2022 and was moved to 5 March 2023.

As of 22 December 2022, the company had 578,768,585 remaining partially paid SRO shares. The completion of the payments for this number of shares by March 2023 may result in an additional Php651m in proceeds to fund SPNEC’s ongoing project developments.

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