Alsons eyes to raise P3 billion from commercial paper issue

MANILA, Philippines — Alsons Consolidated Resources Inc. of the Alcantara Group, is looking to raise as much as P3 billion from the issuance of new short-term commercial papers.

In a stock exchange filing,  ACR said its board approved the issuance of   up to P3 billion worth of new short-term commercial papers in one or more tranches.

Its board likewise approved the authorization to apply for the registration and licensing of the commercial papers with the Securities and Exchange Commission and listing with the Philippine Dealing and Exchange Corp.

MIB Capital Corp. is the financial advisor  while SB Capital Investment Corp. will serve as underwriter and issue manager.

ACR is  focused on building up its renewable energy capacity in the next few years, with around eight run-of-river hydroelectric power facilities in its pipeline.

The first of these hydroelectric power plants is the 14.5-megawatt (MW) Siguil hydro plant in Sarangani which is eyed to start operations by the second quarter of next year.

At present, Alsons’ portfolio is composed of four power facilities with an aggregate capacity of 468 MW.

Revenues of the company grew by 17 percent to P5.4 billion in the first half  but net earnings fell  by 21 percent to P689 million due to a one-time recognition of expenses for this year.