First Gen raises capital to P13.2B
Lopez-led First Gen Corp. is jacking up its authorized capital to P13.2 billion from P11.6 billion.
In a regulatory filing, FGen said it created 160 million Series I redeemable, non-voting preferred shares with par value of P1 each share.
The dividend rate has yet to be determined by the board of directors.
The company likewise approved the sale of its 100% stake in FGEN San Isidro Hydro Power Corp. to wholly-owned subsidiary FG Mindanao Renewables Corp. This will result in San Isidro being a 100% direct subsidiary of FG Mindanao.
FGen is the largest clean and renewable independent power producer in the Philippines, with a total installed capacity of 3,490 MW as of Dec. 31, 2018.
The company owns power plants which utilize natural gas, geothermal, wind, hydro and solar power, all of which are operational and majority-owned and controlled by the company through subsidiaries First Gas Power Corp. FGP Corp., First NatGas Power Corp., Prime Meridian Powergen Corp., FG Bukidnon Power Corp., and Energy Development Corp.