Phinma Petroleum and Geothermal, Inc. renamed to ACE Enexor, Inc.

Maibarara Geothermal Plant, Philippines (source: Maibarara Geothermal Inc.)
Alexander Richter 25 Jul 2019

Following the acquisition of Phinma Energy (Phinma Petroleum and Geothermal), Ayala Corp has now renamed the entity to ACE Enexor, as announced to the Philippines Stock Exchange.

As reported this morning, the new owner of Phinma Petroleum and Geothermal, Inc. (PPG) has renamed the listed company to ACE Enexor, Inc. and approved corporate changes to mark the Ayala energy arm’s full take over.

The company announced the name change to the stock exchange yesterday, and informed about other moves, including the election of a replacement director, a change in the composition of board committees, and amendments to the company’s articles of incorporation and by-laws.

The board of directors during a special meeting on Tuesday elected Jaime Alfonso Eder Zobel de Ayala as a new director to serve the remaining term of office of Roberto M. Lavina, whose resignation was accepted by the board on July 1, 2019.  He is the son of Ayala Corp. Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala.

“The foregoing amendments will be subject to approval of shareholders and the Securities and Exchange Commission,” PPG said.

In January this year, AC Energy said it was taking control of Phinma Energy Corp. through a “mutually strategic agreement” that gives the Ayala-led company a 51.48% stake in the listed energy company for P3.42 billion.

Phinma Energy entails the Maibarara geothermal power plant in the Philippines. Ayala Corp and Star Energy acquired geothermal energy assets of Chevron in Indonesia and the Philippines.

Source: Business World Online