Ayala’s Acen slows funding push after profit slump, shelved rights offer

[MANILA] Ayala-backed Acen Corp is reassessing ways to raise fresh equity over the next six to 12 months after shelving a 30 billion peso (S$621.1 million) rights offer, as weaker earnings, volatile markets and rising financing costs force one of South-east Asia’s major clean-energy players to slow its expansion push.

The Philippines-listed company, with a market capitalisation of about 110.7 billion pesos, will maintain a “measured approach” to capital growth to “ensure flexibility and optimal execution”, president and CEO Eric Francia said at its recent annual shareholders’ meeting.

Acen’s shift from rapid expansion to operational tightening comes after a 60 per cent drop in profit to 3.8 billion pesos, led by plunging spot electricity prices and the temporary shuttering of key wind assets in the northern Philippines.