SPNEC okays Solar Philippines share swap deal

Solar Philippines Nueva Ecija Corp. (SPNEC) has approved an asset-for-share swap involving the acquisition of 20 solar projects from its parent firm, Solar Philippines Power Project Holdings Inc., in exchange for 24.37 billion shares of SPNEC at an issue price of P2.50 per share.

This share swap is supported by a third-party valuation and fairness opinion from FTI Consulting Philippines Inc., an independent financial advisor accredited with the Securities and Exchange Commission and Philippine Stock Exchange.