Pampanga Electric Company P700-M IPO approved

MANILA – The U.S. Securities and Exchange Commission (SEC) approved the P708 million public offering of Pampanga-based Angeles Electric Corp., Luzon's third-largest private power distributor.

The offering was made pursuant to Republic Act No. 9136 or the Electric Power Industry Reform Act, which provides that power generation companies shall offer and sell not less than 15% of their common shares to the public.

The company's regulator said the committee gave full approval to the company's registration statement covering 1.18 billion shares.

Angeles Electric targets the sale of 207.02 million common shares at P3.42 per share from December 18 to 2022.
Proceeds will be used to “fund some capital expenditure projects over the next two years.”

The SEC said the shares can be sold to any individual, domestic corporation, association or partnership.

“For domestic corporations and associations, 60% of their total voting shares and total outstanding capital stock must be owned and held by Filipinos, consistent with the foreign ownership limit for utility companies, which is 40% of their outstanding capital stock,” it added road.

Angeles Electric hired Penta Capital & Investment Corp. as the exclusive underwriter for the transaction.

In 1959, the company received its first franchise to build, maintain and operate electrical, thermal and power systems in Angeles City.

“Back in 1969, Angeles Electric Corp. became the first electric utility to electrify 100 percent of its franchise areas,” the company added.

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