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Alternergy Holdings IPO receives SEC approval

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The Securities and Exchange Commission (SEC) has given Alternergy Holdings Corporation’s initial public offering (IPO) for up to PHP1.89 billion favorable consideration.

The commission en banc decided on November 8 to make Alternergy Holdings’ 4,320,669,117 common share registration statement valid, pending the company’s completion of a few last-minute conditions.

Up to 1,281,430,000 common shares will be made available to the public by Alternergy Holdings, priced at up to PHP1.48 per share. In addition, current owners will sell 192,220,000 common shares as part of the offer.

The shares will be listed and traded on the Philippine Stock Exchange’s main board (PSE).

The business will use the net proceeds from the offer, which could total up to PHP1.62 billion, for pre-development costs for future projects, project development and construction, debt repayment for the purchase of Kirahon Solar Energy Corp., and general corporate needs.

The company appointed Investment & Capital Corporation of the Philippines and BDO Capital & Investment Corporation as joint issue managers and joint lead underwriters for the offer.

Investee firms with wind, solar, hydro, floating solar, and battery storage power projects make up the portfolio of Alternergy Holdings, a holding company for renewable energy.

It currently has operating wind and solar assets totaling 67.24 megawatts (MW), and it has a maximum installed renewable energy capacity of 1,368 MW.

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