Ayala-led ACEN Corp. has infused P75.06 million into subsidiary ENEX Energy Corp., converting unpaid obligations into fresh equity to shore up the listed oil and gas firm’s capital base.
In separate disclosures on Wednesday, the two companies confirmed that ACEN executed a subscription agreement on Monday covering 75.06 million non-voting preferred shares in ENEX at P1 per share, equivalent to about 15.80 percent of ENEX’s outstanding shares.
The new shares will be issued from ENEX’s unissued authorized capital stock, subject to regulatory clearance.
“The subscription price was paid in full by applying ACEN’s outstanding receivables due from ENEX as of 31 December 2025,” the disclosure read, effectively turning money owed by ENEX into a direct capital injection.
The transaction allows ENEX to reduce liabilities while strengthening its balance sheet without requiring a cash outlay, while ACEN consolidates its position as the company’s principal shareholder.
In December last year, ACEN also injected P17.4 million in fresh cash into ENEX to fund its operating needs, subscribing to 17.4 million non-voting preferred shares at P1 each, equivalent to about 1.3 percent of ENEX’s outstanding shares.
ENEX still holds upstream interests, including a 75-percent stake in the Cinco oil and gas prospect under Petroleum Service Contract 55 in offshore West Palawan, where Pryce Gases owns 25 percent. The Cinco prospect is estimated to contain 1.3 to 2.4 trillion cubic feet of gas and 45 million barrels of oil.
Meanwhile, ACEN, which operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States, has completed the transition of its generation portfolio to 100 percent renewable energy and is targeting net-zero greenhouse gas emissions by 2050.