Ayala-led AC Energy Corp. landed among top gainers last week after posting a double-digit improvement on a week-on-week basis. In a recent filing to the exchange, AC Energy reported that it signed an asset purchase agreement with SPC Island Power Corp. for the sale of power barges 102 and 103. "Closing of the sale is expected to be completed in the fourth quarter of 2021, subject to satisfaction of agreed conditions precedent, which include the applicable regulatory approvals," AC Energy explained in the filing. Meanwhile, AC Energy reported a consolidated net income of P2.7 billion in the first six months of the year, a 5-percent gain from the P2.6-billion income it posted in the same period last year. AC Energy, in a disclosure, attributed its first half performance to "demand recovery from pre-Covid-19 pandemic levels, acquisition of operating projects and newly operational renewable energy (RE) projects."

Source: Manila Times September 26, 2021 12:11 UTC