SEC clears LUECO’s direct public offering

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

January 9, 2026 | 12:00am

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the P251-million direct public offering of power firm La Union Electric Co. Inc. (LUECO).

According to the commission, LUECO is the second issuer to successfully register under the streamlined guidelines on Securing and Expanding Capital for PowerGen 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.

LUECO will offer to the public up to 352,950 common shares priced at P772 apiece.

The SEC said the company expects to net around P251.4 million from the offer, which will be used to fund capital expenditures, finance business-related expansion and upgrade the company’s facilities and equipment.

Based on the latest timetable submitted to the SEC, the direct public offering will run from Jan. 12 to 16, with the shares to be issued not later than Feb. 6.

The offering is being made in compliance with Section 43rd of the Electric Power Industry Reform Act, which states that generation companies shall offer and sell to the public a portion not less than 15 percent of their common shares to the public.

Penta Capital and Investment Corp. was tapped by LUECO as the sole underwriter for the offer.

LUECO’s franchise area covers the city of San Fernando and municipalities of Bauang and San Juan in La Union.

Its distribution system consists of two substations: the Bauang Substation and the Poro Substation, with a rated capacity of 20 megavolt amperes (MVA) and 67.5 MVA, respectively, as of end-2024.