SPNEC receives P2.8B of SRO


SP Energy Corp. (SPNEC) has received P2.8 billion out of the stock rights offers (SRO) it issued recently, equivalent to 99.9 percent of the subscriptions.

The proceeds of the fund raising will be used for project development, including the acquisition of land in Nueva Ecija and Bulacan.

This has increased the company’s publicly-owned shares to 4.75 billion of the company’s 10 billion outstanding shares.

The company said with this, and the upcoming private placement it is arranging with an investor, it will achieve at least 20 percent public float after it completed the asset-for-share swap pending with its mother company, Solar Philippines Power Project Holdings Inc.


Malaya Business Insight