Leandro Leviste eyes swap of Solar PH assets for P39B worth of SPNEC shares
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Leandro Leviste eyes swap of Solar PH assets for P39B worth of SPNEC shares

Solar Philippines Power Project Holdings Inc. is looking to infuse solar power assets with over 10,000 megawatts capacity into newly-listed Solar Philippines Nueva Ecija Corp. (SPNEC) in exchange for P39 billion worth of shares.

READ: Leandro Leviste gains P90M on paper after gulping down additional SPNEC shares 2 days before IPO listing

In a statement, Solar Philippines said it was swapping its portfolio for three times SPNEC’s outstanding shares or 24.37 billion shares.

READ: Leviste’s SPNEC is best IPO of 2021; DDMPR of Injap Sia, Tony Tan Caktiong avoid worst of tag only because Jojo Villar’s MEDIC is just historically bad

SPNEC’s portfolio comprises over 20 solar project companies which include over 900 MW already operating or under construction. Others are slated to begin operations at a later date.

READ: Leandro Leviste kicks off construction of ‘Southeast Asia’s largest solar plant

The asset-for-share swap is subject to a third-party valuation and fairness opinion by an independent financial advisor.

READ: ‘From powerpoint’ to first solar pure play: Leandro Leviste’s Solar PH Nueva Ecija surprises with IPO nearly 2x oversubscribed

To facilitate the issuance of shares to Solar Philippines, SPNEC is raising is authorized capital from 10 billion shares to P50 billion shares.

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A shareholders’ meeting has been set on March 7 to approve the increase in SPNEC’s capital.

 

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