ALSONS Consolidated Resources, Inc. (ACR), the listed investment holding company of the Alcantara Group, has secured P1.6 billion from the issuance of economic papers.
The corporate listed the initial tranche of its P3-billion industrial paper program on the Philippine Dealing & Exchange Corp. (PDEx), it said in a press release.
“ACR is committed to helping address the country’s growing demand for reliable and inexpensive power. This industrial paper program provides us with an efficient and cost-effective option to support our working capital requirements, enabling us to meet our mission of unlocking potential and empowering progress in Mindanao and beyond,” said ACR Deputy Chief Financial Officer Philip Edward B. Sagun.
The issuance consists of a base offer of P1.2 billion and an oversubscription of as much as P400 million.
Industrial papers are short-term debt securities issued by corporations to boost funds for immediate financial needs, similar to refinancing short-term liabilities or covering operational expenses.
In accordance with its latest prospectus, ACR intends to make use of the proceeds to refinance maturing short-term obligations and for working capital purposes.
RCBC Capital Corp. acted as the difficulty manager, lead underwriter, and bookrunner for this system. MIB Capital Corp. was appointed because the arranger, while AB Capital and Investment Corp. served as the ability agent.
The Securities and Exchange Commission recently issued a certificate of permit to supply the securities.
ACR is currently focused on expanding its renewable energy portfolio, with several hydro and solar energy projects in various stages of development.
It also goals to grow its retail electricity supply customer base.
“We’re optimistic in regards to the expansion of our Retail Electricity Supply unit as we proceed to reinforce our market presence, improve our operational capability, and develop our power assets,” said Mr. Sagun.
ACR, which describes itself as Mindanao’s first independent power producer, operates 4 power plants with a combined capability of 468 megawatts.
On the local bourse on Monday, shares in the corporate climbed by 2.15% to shut at P0.475 each. — Sheldeen Joy Talavera
