Ayala : GIC to Invest $412 Million in AC Energy Philippines

By P.R. Venkat

Singapore sovereign wealth fund GIC Pte. Ltd. has agreed to invest 20 billion pesos (US$412.0 million) to acquire a stake in AC Energy Philippines Inc.

Arran Investments Pte. Ltd., an affiliate of GIC, will acquire a 17.5% stake in AC Energy, the Philippines-listed company said Thursday.

The investment will be implemented through a subscription for 4 billion primary shares via a private placement, AC Energy said.

Additionally, GIC will also purchase secondary shares from AC Energy.

The transaction documents are expected to be signed within this month, AC Energy said.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

11-12-20 0257ET