ACEN Corp. on Thursday said that it had approved the dissolution of 12 subsidiaries as well as the sale of three other units to a joint venture platform as part of a streamlining effort.
In a disclosure, the Ayala-led energy company said the dissolution was cleared as the subsidiaries currently had no ongoing operations or assigned projects.
To be shuttered are Ace 11 Inc., Gigasol5, Inc., GigaWind7 Inc., Ingrid5 Power Corp., Electryone Energy Corp., Paros Energy Corp., Aryaman Energy Corp., Giga Ace 15 Inc., Gigasol8 Inc., GigaWind6 Inc., Silak Energy Corp., and Aventus Wind Farm Inc.
ACEN said it also approved the sale of Vayu Energy Corp., Zephyrus Energy Corp., and Oxylus Energy Corp. to Yanara Philippines Corp., a joint venture with US-based renewable energy producer BrightNight APAC BV.
It said the sale was in line with the parties’ joint venture agreement.
ACEN also disclosed that it had approved additional funding of P65 million to unit Micro Power Philippines by way of a working capital facility.
ACEN shares on Thursday rose P0.12, or 4.6 percent, and settled at P2.73 each amid a 0.27-percent rise for the benchmark Philippine Stock Exchange index.
