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Publicly listed ATN Holdings Inc. plans to raise P1.0 billion from a share sale to finance a 30-megawatt solar power plant in Rizal province.
The company is tapping Unicapital Inc. as financial advisor, issue manager and lead underwriter for the offering, according to a disclosure to the Philippine Stock Exchange Thursday.
The company has an existing interest in ATN Philippines Solar Energy Group Inc., which obtained a contract from the Department of Energy to develop, operate and maintain a 30-MW solar power plant in Rodriguez, Rizal.
Proceeds from the share offering will pay for site development works and commissioning of a sub-transmission line to Manila Electric Co. and associated components of the power plant.
"The board of directors has determined that the preferred share is a favorable instrument for ATN Holdings to infuse additional equity into ATN Philippines," the company said, noting that this avenue is advantageous to existing shareholders since it does not entail a dilution of their equity holdings.
"The timeline of the preferred shares offering shall be determined after further discussion with Unicapital," said Corporate Information Officer Paul Saria.
Currently, ATN Holdings has 3.7 billion outstanding shares. – Keith Richard Mariano/VS, GMA News