SEC clears LUECO’s direct public offering

The Securities and Exchange Commission (SEC) has approved the P251-mil-lion direct public offering of power firm La Union Electric Co. Inc. (LUECO).

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According to the commission, LUECO is the second issuer to successfully register under the streamlined guidelines on Securing and Expanding Capital for Power-Gen Operators and Wholesale Electricity and Retail Services (SEC POWERS).

SEC POWERS, which was formally launched by the SEC and the Energy Regulatory Commission early last year, simplifies the registration of securities for power generation companies and distribution utilities.