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Market paying more for ACEN than the Ayalas

AC Energy Philippines, Inc. (ACEN) is the publicly listed power generation unit of Ayala Corp.  ACEN was formerly the PHINMA Energy Corporation prior to its acquisition by the Ayala group from the PHINMA group.

The Ayala group just recently changed the company’s name from AC Energy Philippines, Inc. to AC Energy Corporation and consequently changed its ticker symbol from ACEPH to ACEN.

AC Energy Philippines, Inc. or AC Energy Corporation (the company now referred to as ACEN) is not a direct subsidiary of Ayala Corporation (AC).  ACEN is a subsidiary of AC Energy, Inc. which in turn is a 100% subsidiary of Ayala Corporation. Don’t confuse AC Energy Philippines, Inc./AC Energy Corporation (ACEN) with that of AC Energy, Inc.  AC Energy, Inc. is the 100% subsidiary of Ayala Corporation while ACEN is the subsidiary of AC Energy, Inc. As of June 30, 2020 AC Energy, Inc. directly owns 81.61% of ACEN.

AC Energy Corporation (ACEN) , the 81.61% subsidiary of AC Energy, Inc. , the publicly listed unit owns the on-shore or the local power generation and energy assets of the Ayala group.  While AC Energy, Inc., the 100% owned subsidiary of Ayala Corporation and the parent of ACEN, owns the international power generation assets. Thus, the profit in the sale of Infigen does not benefit ACEN.

The market or the public has valued ACEN at 3.37 (as of 10/12/2020 closing) a share while the Ayalas are valuing it at only 2.97 a share. The difference between the market value and the Ayala’s value of ACEN is important.

AC Energy, Inc., the 100% owned subsidiary of Ayala Corp., is exchanging its international power assets for 16,685,800,533 shares of ACEN.  In that transaction, the Ayalas are valuing ACEN at only 2.97 a share.  That means the public is willing to pay more for ACEN than the Ayalas.  

Ayala Corp. would immediately stand to profit 6.7 Billion Pesos of paper gains without doing anything, thanks to the public who are willing to pay more for ACEN than them.

Disclaimer and Disclosure: This is an independent analysis for discussion purposes with the aim of giving stock traders and investors an independent view point. Accuretti Systems Inc. in the course of day to day trading may have own, or is considering buying or disposing, the shares of the companies mentioned in this commentary.

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