MANILA, Nov 12 (Reuters) -
* Power producer AC Energy Philippines Inc said on Thursday
its
board had approved the acquisition of a 17.5% stake in the
company by an affiliate of Singapore's sovereign wealth fund GIC
in a deal valued at approximately 20 billion pesos ($413
million)
* AC Energy, a unit of Philippine conglomerate Ayala Corp
AC.PS
said the transaction with GIC affiliate Arran Investment Ptd Ltd
would be implemented through a combination of private placement
and purchase of secondary shares from AC Energy at 2.97 pesos
per share
* The price represents a 25% premium to AC Energy's stock
rights
offering price of 2.37 pesos per share, it told the stock
exchange
* Shares in AC Energy, which is seeking to raise funds to
invest
in renewable energy projects, closed at 4.11 pesos on Wednesday.
The stock market was closed on Thursday due to the impacts of
Typhoon Vamco