First Gen, Philippine Renewable Energy agree on management of EDC
Red Vulcan Holdings Corp., a wholly-owned subsidiary of First Gen Corp., has signed a shareholders’ agreement with Philippines Renewable Energy Holdings Corp. to set out the management of EDC.
In August, PREHC made a tender offer to major shareholders of EDC to purchase up to 8.89 million common shares of stock.
Red Vulcan did not participate in the tender offer process in order to retain its common and voting preferred shares which correspond to a 60 percent voting stake in EDC.
Meanwhile, First Gen and subsidiary Northern Terracotta Power Corp. Tendered their 992 million and 986 million shares, respectively.