Green energy supplier Raslag (ASLAG) of Pampanga-based businessman spent a total of P15 million to avert a freefall in its recently-listed stock.
ASLAG’s stabilization agent, China Bank Securities, acquired a total of 8.7 million shares from June 13 to 17 at a price range of P1.65 to P1.81.
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ASLAG closed at P1.62 on June 17, down by 19 percent from its IPO price of P2 per share.
China Bank bought a total of P15 million worth of shares in its first week since listing on June 6.
ASLAG raised P805 million from its IPO with P105 million going to the pockets of Nepomuceno and his partners.
The remaining proceeds will be used to fund a 35.1-megawatt (MW) RASLAG-4 solar photovoltaic plant’s development and construction, and the pre-development work for RASLAG-5’s nearly 60-MW.