Solar Philippines Power Project Holdings Inc. said it will be taking up whatever shares out of the P2.7 billion stock rights offer (SRO) of its listed unit SP New Energy Corp. were not completely paid by March.
“Based on indications of interest for SPNEC’s shares, the company believes that the partially paid SRO shares will be fully paid, and to the extent any of these are not yet fully paid when due, as assurance for the completion of the SRO, Solar Philippines has offered to purchase any remaining shares as of March 2023 from SPNEC at the SRO price of P1.50 per share,” the company said in a regulatory filing.
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