AC Energy-Phinma deal approval seen by mid-2019

AC Energy Inc. expects to secure by mid-2019 regulatory approval for its acquisition of a 51.48-percent stake in Phinma Energy Corp. for P3.42 billion, which it first disclosed in January.

Eric Francia, president and chief executive officer of the power arm of listed Ayala Corp., told reporters on Monday that his company was looking at “May, June [or] July in…getting the PCC (Philippine Competition Commission) or regulatory approval” and making a “mandatory tender offer, which typically takes 90 days.”