Energy Development Corp. president and COO Richard D. Tantoco saw the recent rise in First Gen Corp. shares as a chance to add more cash to his pockets.
Tantoco unloaded 100,000 FGEN shares on January 14 at P32 per share. FGEN had just touched its 52-week high of P33.70 three days earlier. Tantoco is a director and executive vice president of FGEN.
FGEN and EDC are both subsidiaries of the Lopez-owned First Philippine Holdings Corp. Tantoco has been with the Lopez group for the last 20 years.
The 52-year old used to be a brand manager of Procter and Gamble Philippines and part of the New York-based cosulting firm, Booz Allen and Hamilton, Inc.