The Philippine Securities and Exchange Commission has cleared La Union Electric Company, Inc. (LUECO) to proceed with a direct public offering (DPO), making it the second issuer to successfully register under the streamlined Securing and Expanding Capital for PowerGen Operators and Wholesale Electricity and Retail Services (SEC POWERS) guidelines. The SEC Commission En Banc resolved on December 27, 2025 to render effective LUECO’s registration statement covering 2.35 million shares, subject to compliance with remaining requirements. Under the DPO, LUECO will offer up to 352,950 common shares priced at PHP 772 per share and expects net proceeds of around PHP 251.4 million to fund capital expenditures, finance business expansion, and upgrade facilities and equipment. The offer is scheduled to run from January 12 to 16, with shares to be issued not later than February 6 based on the latest timetable submitted to the SEC; Penta Capital & Investment Corporation is the sole underwriter. The offering is presented as compliance with Section 43(t) of Republic Act No. 9136 (the Electric Power Industry Reform Act), which requires generation companies to offer to the public at least 15% of their common shares.
Philippine Securities and Exchange Commission 2026-01-09
Philippine Securities and Exchange Commission approves La Union Electric Company direct public offering of up to 352,950 shares at PHP 772
The Philippine SEC approved La Union Electric Company, Inc.'s public offering under SEC POWERS, issuing 352,950 shares at PHP 772 each to raise PHP 251.4 million for capital expenditures and expansion. Compliant with the Electric Power Industry Reform Act, the offering runs from January 12 to 16, with shares issued by February 6, and Penta Capital & Investment Corporation as the sole underwriter.