"In relation to the increase in authorized capital stock, the company plans to raise capital issue through a rights offering. Additional capital will be used for investments in greenfield projects and acquisitions of power assets, including part of AC Energy Inc.'s on-shore power generation and development assets," it said. Phinma Energy said any such purchase of AC Energy's assets will be subjected to third party valuation and approval of the company's board risk management and related party transactions committee. Meanwhile, the board of Phinma Energy elected Fernando Zobel de Ayala as chairman of the executive committee, and Jaime Zobel de Ayala as executive committee member to replace those who resigned on July 1, 2019. AC Energy, the energy platform of Ayala Corp., completed the acquisition of the combined 51.48-percent stake of Phinma Inc. and Phinma Corp. in Phinma Energy Corp., or PHEN, in June.