 ACEN Corporation signed today a Subscription Contract with Paddak for the subscription by the Company to One Million Two Hundred Thousand (1,200,000) common shares at par value of One Peso (P1.00) per common share and Ten Million Eight Hundred (10,800,000) preferred shares at par value of One Peso (P1.00) per preferred share, to be issued out of the unissued portion of the authorized capital stock of Paddak. The subscription will allow ACEN to have full ownership in Paddak, which will provide technical operations and maintenance related services to ACEN’s Philippine operating companies.
The terms and conditions of the transaction: Number of shares to be acquired or disposed: 12,000 Percentage to the total outstanding shares of the company subject of the transaction: 75% Price per share is as follows: P1.00 per common share; P1.00 per preferred share Full payment of Subscription Price of P12,000,000.00 Paddak is ACEN’s designated company that will provide technical operations and maintenance related services to ACEN’s Philippine operating companies.
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