THE P1.45-billion investment by state-run Government Service Insurance System (GSIS) in Alternergy Holdings Corp. complied with the “rigorous requirements” of regulators, according to the latter’s financial advisor, Investment & Capital Corp. of the Philippines (ICCP).
In a statement on Monday, ICCP affirmed that the redeemable preferred shares (RPS) offering to the institutional investor was conducted in accordance with corporate governance standards and existing securities regulations.
The RPS, an equity security specifically designed for investors seeking attractive and long-term fixed income yield, also complied with the rigorous requirements of the Philippine Stock Exchange, Inc. (PSE) and the Securities and Exchange Commission for its subsequent listing on the exchange in March last year, the advisor said.
“These transactions followed strict due diligence and compliance processes. We ensured transparency at every stage of these transactions in line with our commitment to ethical and professional standards,” said ICCP Chairman and Chief Executive Officer Valentino S. Bagatsing.
Mr. Bagatsing added that Alternergy reported to the PSE the payment of the first annual coupon on the RPS in December 2024.
In November 2023, GSIS subscribed to P1.45 billion worth of Alternergy’s perpetual preferred shares 2 Series A under a private placement.
“ICCP remains committed to providing trusted financial advisory services that enable companies like Alternergy to raise capital responsibly, supporting national objectives for energy security and sustainability,” the advisor said.
The statement follows a report saying that the Ombudsman imposed a six-month preventive suspension on GSIS President and General Manager Jose Arnulfo Veloso over GSIS’ investment in Alternergy. — Sheldeen Joy Talavera
