SEC clears Angeles Electric’s direct public offering

THE Securities and Exchange Commission (SEC) has given the green light for the direct public offering of Pampanga-based electricity provider Angeles Electric Corp. amounting to P708.01 million to fund the company’s projects. 

In a statement on Monday, the SEC said the commission en banc approved during a meeting on Dec. 7 to render effective the registration statement of the Nepomuceno family’s Angeles Electric covering 1.178 billion common shares.

Angeles Electric plans to offer 207.02 million common shares at P3.42 per share.

“The company expects proceeds to amount to P708.01 million, which will be used to fund a portion of its capital expenditure projects over the next two years,” the SEC said.

According to the SEC, Angeles Electric’s offering is done in compliance with Republic Act No. 9136 or the Electric Power Industry Reform Act, which provides that generation companies should offer and sell to the public a portion not less than 15% of their common shares. 

The planned offering of Angeles Electric is set to run from Dec. 18 to 22 based on its latest submitted timetable. The shares may be sold to any person, domestic corporation, association, or partnership. 

“In the case of domestic corporations and associations, 60% of its total voting shares and total outstanding capital stock must be owned and held by Filipinos, in line with the foreign ownership limit for public utility companies at 40% of its outstanding capital stock,” the SEC said. 

Meanwhile, the SEC disclosed that Angeles Electric tapped Penta Capital and Investment Corp. as the lone underwriter for the transaction.

Angeles Electric operates an electric light, heat, and power system in Angeles City, Pampanga that serves about 132,000 customer accounts as of December last year. — Revin Mikhael D. Ochave