ACEN Corp. has inked a subscription contract with a wholly-owned subsidiary for the latter's Palauig Solar 2 project in Zambales.

In a stock exchange filing on Thursday, ACEN said that it had signed a contract with Giga Ace 8 Inc. for the additional subscription of shares with a total price of P8,699,542,160.

These comprise 7,198,575 common A shares, 64,800,388 redeemable preferred A shares, and 16,800,101 redeemable preferred C shares of Giga Ace 8.

The common A shares and redeemable preferred A shares have a price of P10 each, while the redeemable preferred C shares are priced at P100 each.

These shares will come from the increase in the unit's authorized capital stock, which is still awaiting approval from the Securities and Exchange Commission.

As a result, ACEN hiked its stake in Giga Ace 8 to 53.22 percent from 35.10 percent.

The acquisition was completed on June 5, with ACEN paying the initial subscription price of P2,174,885,530.

ACEN Corp.'s share price was up by 14 centavos to close at P4.73 each on Thursday.