The Securities and Exchange Commission (SEC) has approved the direct public offering of PACERM-1 Energy Corp., a power generating firm based in El Salvador City, Misamis Oriental. In a press release, SEC stated that Pacerm-1 Energy will offer to the public 26,891 common shares priced at P2,100 per share. The company expects proceeds to amount to P15.89 million, which will be used for the payment of its long-term loans.
The company operates a 10.5-megawatt diesel-fired power plant in El Salvador City, Misamis Oriental serving electricity consumers of MORESCO-1.
