ACEN CORP. has signed a share purchase agreement with Sungrow Power Renewables Corp., and Havilah AAA Holdings Corp. for the acquisition of Sinocalan Solar Power Corp. (SSPC).
In a disclosure on Thursday, ACEN said that SSPC, the developer of a 60-megawatt-peak (MWp) solar power plant in Pangasinan, will become its wholly-owned subsidiary upon the completion of the acquisition scheduled on Dec. 15.
The Ayala-led renewable company said that Sungrow and Havilah signed an agreement with ACEN for the sale of their shares and subscription rights in SSPC.
Meanwhile, ACE Enexor, Inc. informed the stock exchange on Thursday that it had secured approval to change its corporate name to ENEX Energy Corp., which will be effective on Dec. 9.
The change of its corporate name was approved by its board of directors in March.
ACE Enexor is primarily engaged in the business of oil and gas exploration and production, both domestically and internationally.
At the local bourse on Thursday, shares in ACEN rose 34 centavos or 4.78% to close at P7.45 per share. ACE Enexor shares gained 62 centavos or 4.32% to finish at P14.98 per share. — Ashley Erika O. Jose