SP NEW ENERGY Corp. (SPNEC) is set to conduct a private placement of shares valued at about P3 billion to lift its trading suspension at the Philippine Stock Exchange (PSE).
“We are finalizing the arrangements for the private placement that will get our public float back above 20%,” said SPNEC President and Chief Executive Officer Leandro Antonio L. Leviste in a media briefing last week.
Mr. Leviste said that the company will list about 2.12 billion shares to comply with the minimum 20% public float set by the PSE for newly listed companies.
“We are working to increase our public float as soon as possible, and we are hopeful that we can resume trading even prior to achieving the [minimum public float],” he said.
He added that the company had identified a buyer for the shares, but would need to finalize arrangements and documentation for the sale.
Mr. Leviste said the private placement will be conducted as soon as possible, without giving a specific date.
The move after the PSE suspended the trading of SPNEC shares after the company’s public float fell below the required 20%.
On June 2, the company said in a regulatory filing that the Securities and Exchange Commission had approved the increase in SPNEC’s authorized capital stock to P5 billion, divided into 50 billion common shares with a par value of P0.10 per share, from P1 billion.
The capital hike is in line with the company’s move to acquire other solar projects and fund its portfolio expansion. — Adrian H. Halili