The new owner of Phinma Petroleum and Geothermal, Inc. (PPG) has renamed the listed company to ACE Enexor, Inc. and approved corporate changes to mark the Ayala energy arm’s full take over.
In January this year, AC Energy said it was taking control of Phinma Energy Corp. through a “mutually strategic agreement” that gives the Ayala-led company a 51.48% stake in the listed energy company for P3.42 billion.
The two groups said the Ayala’s energy platform will acquire the combined stake of Phinma Corp. and its parent Philippine Investment Management, Inc. (PHINMA) in Phinma Energy. PPG is a unit of Phinma Energy.
From the Global Geothermal News archives:
- Monday, June 24, 2019 - Philippines: Geothermal Energy Companies Complete Consolidation
- Tuesday, May 14, 2019 - Philippines: Tender to be Offered to Shareholders of Phinma Petroleum and Geothermal Inc.
- Tuesday, February 12, 2019 - Philippines: Geothermal Energy Companies Confirm Consolidation
- Wednesday, February 6, 2019 - Philippines: Geothermal Energy Companies Join Forces
- Monday, February 4, 2019 - Philippines: Geothermal Developer Launches Green Bond to Fund Renewable Energy Projects
