SPNEC formalizes MGEN Renewables rebranding

SP New Energy Corp. (SPNEC) has secured regulatory approval to change its corporate name to MGEN Renewables Inc., formalizing its new identity under the Pangilinan-led MGEN brand.

In a Tuesday disclosure, SPNEC confirmed that the Securities and Exchange Commission (SEC) approved the company’s amended Articles of Incorporation and by-laws on 26 October, completing the regulatory requirements for the corporate changes.

“The SEC has approved the Company's application for corporate name change: from SP New Energy Corporation to MGEN Renewables Inc.,” it said.

The rebranding brings the company’s corporate identity in line with the MGEN brand, although the SEC documents do not indicate any immediate changes to its business operations, ownership structure or capital.

According to the SEC certification, the amendment to the company’s Articles of Incorporation was approved by a majority of its board of directors on 26 March and by stockholders representing at least two-thirds of its outstanding capital stock on 25 May.

The amended by-laws underwent the same approval process before receiving the SEC’s clearance.

The regulatory approval also requires updates to the company’s stock certificates to reflect its new corporate name.

Philippine National Bank’s (PNB) Trust Banking Group, which serves as the company’s stock transfer agent, has issued procedures for replacing existing physical stock certificates.

Under the guidelines, individual shareholders must submit a written request and surrender their old certificates, along with the required identification documents.

Corporate shareholders must likewise submit their existing certificates and supporting documents, including authorization for their designated representatives.

The replacement process covers the change in the issuer’s name, with no indication in the submitted documents of any adjustment to shareholders’ ownership interests.
Currently, SPNEC’s wholly-owned subsidiary, Terra Solar, is developing a solar project in Nueva Ecija and Bulacan with a planned capacity of 3,500 megawatts-peak of solar photovoltaic capacity paired with a 4,500 megawatt-hour Battery Energy Storage System.

When completed, it is said to be the largest project of its kind in the world.