Infrastructure investment firm Metro Pacific Investments Corp. now has the option to invest up to P23.75 billion in SP New Energy Corp., or SPNEC, in exchange for 19 billion shares.
MPIC, SPNEC, and its parent firm Solar Philippines Power Holdings, Inc., last 5 May, signed definitive agreements granting MPIC or its affiliates the option to become the largest shareholder with approximately 42.82 percent of SPNECUnder the agreement, the MPIC Group can acquire up to 17.4 billion SPNEC shares up to 10 billion primary shares for up to P12.5 billion, and up to 7.4 billion secondary shares for up to P9.25 billion — subject to SPNEC’s increase in authorized capital stock from 10 billion to 50 billion shares.
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