Ayala Corporation's board of directors approved the restructuring of Ayala's energy business that will result in the creation of two wholly owned platforms, Renewable Energy and Thermal Energy. The restructuring will be undertaken through the following steps: Creation of a new holding company: AC Renewables Inc., transfer of renewable assets to AC Renewables Inc. and rename existing Thermal Holdings company to ACE Thermal Inc. Ayala will retain AC Energy as its umbrella brand for its energy group of companies, which will primarily consist of AC Renewables Inc. and ACE Thermal Inc. The company will retain AC Energy as its umbrella brand for its energy group of companies, which will primarily consist of AC Renewables Inc. and ACE Thermal Inc.