AC Energy changes name to ACEN Corp

MANILA, Philippines — ACEN Corp. has  secured the Securities and Exchange Commission‘s approval to change its corporate name and make amendments to its primary and secondary purposes.

In a disclosure to the stock exchange, the Ayala Group’s energy platform said its corporate name has been officially changed from AC Energy Corp. to ACEN Corp.

The amendments also included the removal of oil exploration, mining, and related activities from the company’s primary purpose and secondary purposes, and the specification of retail electricity supply and provision of guarantees.

“The changes to the primary purpose and secondary purposes are intended to remove the activities that place the company’s business under the purview of the Philippine foreign investment negative list, given that company does not have operations in oil exploration, mining and related activities, and to specify the company’s authority to provide guarantees in furtherance of its business,” ACEN said.

The amendments were approved by the company’s board of directors in November last year, and were okayed by stockholders last December.

ACEN’s amended articles of incorporation was effective since July 20.  The amendments are intended to reflect the change in corporate name and principal office of the company and align with the revised Corporation Code and good corporate governance practices.

It is likewise geared towards the digitalization of certain governance processes, the importance of which has been highlighted by the current circumstances, the company said.

ACEN currently has about 3,400 megawatts (MW) of attributable renewable energy capacity.

It is working to become the largest listed renewables platform in Southeast Asia, with a target of building 5,000 MW of renewables by 2025.