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ACEN acquires 49% stake in Vietnam firm for $70.5 M
The Philippine Star
|November 28, 2024
Ayala-led ACEN Corp. is further strengthening its footprint in Vietnam with the acquisition of a significant interest in renewable energy (RE) firm BIM Energy Holding Corp. for $70.5 million.
ACEN told the Philippine Stock Exchange yesterday that its affiliate ACEN Vietnam Investments Pte. Ltd. signed a share purchase agreement with Huntington Renewable Investments Ltd. to buy out 49 percent of BIM Energy.
BIM Energy is a subsidiary of the BIM Group, a Vietnamese conglomerate that also has investments in real estate development, agriculture and food, and consumer services.
ACEN expects this multimillion-dollar investment to expand its pipeline of projects in Vietnam as part of efforts to be a leading renewables platform in Southeast Asia.
This story is from the November 28, 2024 edition of The Philippine Star.
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