Ayala Corp restructures energy business

ABS-CBN News

Posted at Jan 19 2018 02:46 PM

MANILA - Ayala Corp said Friday it was restructuring its energy business to create one platform for renewables and another for thermal power.

AC Energy will remain as the umbrella brand for both AC Renewables Inc and ACE Thermal Inc, Ayala Corp told the stock exchange.

"We believe that having these two exciting platforms will enable focused strategies and accelerate our growth”, said AC Energy Chairman Fernando Zobel de Ayala.

Zobel said the conglomerates energy business had "scaled up rapidly" over the last 5 years.

"This move therefore provides AC Energy a sharper proposition and greater flexibility in the event that we broaden our investor base for our platforms”, said the company's CEO, Eric Francia.

Ayala Corp shares were down 0.10 percent to P1,034 in late trading on Friday.