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ACEN Corporation commits $148.4m to Giga Ace 8
It subscribed to more shares of Giga Ace 8 to fund its solar project.
ACEN Corporation entered a subscription contract with its wholly-owned subsidiary Giga Ace 8, Inc., with a total subscription price of around $148.4m (PHP8.7b).
In a disclosure, ACEN said the subscription will be used by Giga Ace 8 for additional funding for its proposed 300.011 megawatt-peak/235 MW alternating current Palauig Solar 2 Project.
The company subscribed to nearly 321.9 million shares, representing 53.22% of the Giga Ace 8’s total outstanding shares.
ACEN will initially pay a subscription price of around $37.1m (PHP2b).
$1 = PHP58.61
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