SECURITIES AND EXCHANGE COMMISSION
SEC FORM 17-C
CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported) Feb 22, 20222. SEC Identification Number 392743. BIR Tax Identification No. 000-506-020-0004. Exact name of issuer as specified in its charter AC Energy Corporation5. Province, country or other jurisdiction of incorporation Makati City, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 35th Floor, Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati CityPostal Code12268. Issuer's telephone number, including area code (02) 7730 63009. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
38,315,838,177
11. Indicate the item numbers reported herein N/A
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
AC Energy CorporationACEN
PSE Disclosure Form 4-1 - Acquisition or Disposition of Assets References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Sale of Power Barge 102
Background/Description of the Disclosure
On 20 August 2021, the Executive Committee of the Company approved the sale of Power Barge (PB) 102 to SPC Island Power Corporation ("SIPC") or its designated affiliate or subsidiary.
On 15 September 2021, the Company and SIPC signed the Asset Purchase Agreement (APA) relating to the transaction. SIPC has since assigned all its rights and obligations under the APA to its parent company, SPC Power Corporation ("SPC").
On 22 February 2022, the Company and SPC executed the Deed of Absolute Sale and Assignment implementing the sale.
Date of Approval by
Board of Directors
N/A
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction
Rebalancing of the Company's portfolio to focus on renewable energy
Details of the acquisition or disposition
Date
Feb 22, 2022
Description of the Transaction
The transaction involves all of the Company's rights, title and interests in PB 102 and, to the extent permitted by law, all permits and licenses required to own, operate, and maintain the power barge.
Manner
Execution of a Deed of Absolute Sale and Assignment
Description of the assets involved
PB 102 is a 4 x 8 MW oil-fired diesel barge and is currently decommissioned. PB 102 is located in Barangay Obrero, Iloilo City.
Terms and conditions of the transaction
Nature and amount of consideration given or received
Cash in the amount of Php 39,200,000.00, inclusive of VAT
Principle followed in determining the amount of consideration
Consideration is the result of negotiation between the parties
Terms of payment
Full payment of the Purchase Price upon signing of the Deed of Absolute Sale and Assignment
Conditions precedent to closing of the transaction, if any
None
Any other salient terms
None
Identity of the person(s) from whom the assets were acquired or to whom they were sold
Name
Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
SPC Power Corporation
None
Effect(s) on the business, financial condition and operations of the Issuer, if any
With the sale of the currently decommissioned PB 102, the Company will reinvest the proceeds from the sale in its renewable energy projects.
Other Relevant Information
None
If the transaction being reported is an acquisition, kindly submit the following additional information:
Source(s) of funds
N/A
If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes
N/A
Filed on behalf by:
Name
Alan Ascalon
Designation
Vice President/ Asst. Corporate Secretary
Attachments
Original Link
Original Document
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Disclaimer
AC Energy Corporation published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 01:08:01 UTC.
ACEN Corporation is a Philippines-based company, which is engaged in power generation and trading, oil and mineral exploration, development and production. It organized into three business units. Philippines business unit includes Retail Electricity Supply (RES) or Commercial Operations (CO); Renewables, which is engaged in generation, transmission, distribution and supply of electricity using renewable sources, such as solar, wind and geothermal resources; Thermal, which is engaged in generation, transmission, distribution and supply of electricity using conventional way of energy generation; Project development; Leasing; bulk water supply; and Petroleum and exploration. International business unit represents the operations of ACRI, which is the holding company for all offshore investments. Parent and Others business unit represents operations of the Parent Company (excluding RES/CO) and ACE Shared Services, Inc. This also includes interest expense incurred by ACEN Finance Limited.
ACEN CORPORATION 
