SEC approves public offering by La Union Electric Company

The Securities and Exchange Commission (SEC) has considered favorably the direct public offering (DPO) of La Union Electric Company, Inc. (LUECO), marking the second issuer to successfully register under the streamlined guidelines on Securing and Expanding Capital for PowerGen Operators and Wholesale Electricity and Retail Services (SEC POWERS).  

The Commission En Banc on December 27, 2025 resolved to render effective the registration statement of LUECO covering 2.35 million shares, subject to the company’s compliance with certain remaining requirements. 

LUECO will offer to the public up to 352,950 common shares priced at P772 apiece.  

The company expects to net around P251.4 million from the offer, which will be used to fund capital expenditures, finance business-related expansion, and upgrade the company’s facilities and equipment.

The DPO will run from January 12 to 16, with the shares to be issued not later than February 6, based on the latest timetable submitted to the SEC. 

The offering is being made in compliance with Section 43t of Republic Act No. 9136, or the Electric Power Industry Reform Act, which states that generation companies shall offer and sell to the public a portion not less than 15% of their common shares of to the public. 

LUECO tapped Penta Capital & Investment Corporation as the sole underwriter for the offer.  

LUECO’s franchise area covers the City of San Fernando and Municipalities of Bauang and San Juan in La Union. Its distribution system consists of two substations: the Bauang Substation and the Poro Substation, with a rated capacity of 20 megavolt amperes (MVA) and 67.5 MVA, respectively, as of end-2024.