First Gen declares cash dividends

by Myrna Velasco – November 29, 2015

from Manila Bulletin

Lopez-owned First Gen Corporation has declared cash dividends ranging from P0.01 to P4.00 per share to stockholders of specified record date on its preferred shares.

In a disclosure to the Philippine Stock Exchange (PSE), the company has emphasized that “the cash dividends have a record date of December 23, 2015 and a payment date of January 25, 2016.”

It noted that holders of its Series B preferred shares would be entitled to cash dividends of P0.02 per share; while those with Series E preferred shares will get P0.01 per share.

The biggest cash dividend amount of P4.00 per share will be allotted to all outstanding stockholders of Series F preferred shares; while P3.8904 will be earmarked on its 120 million Series G preferred shares.

The Series G preferred shares consist of 100 million Series G shares issued by way of follow-on offering plus 20 million Series G shares topped up by parent firm First Philippine Holdings Corporation.

Cash dividend of P0.38904 will also be set for the 13,750,000 Series G preferred shares issued to First Philippine Holdings by way of private placement.

Onward, the Lopez firm will expectedly bring viable value to its shareholders as it continues to expand its portfolio – primarily on renewable energy and gas investments.

The company’s operating subsidiaries have been planning expansion of its wind capacity in Northern Luzon and will similarly beef up its RE generation with solar.

On gas ventures, the company is advancing three-phased power plant developments that will shore up Luzon grid supply from 2016 and up to the post-Malampaya phase.

With the much anticipated production decline from the country’s commercial gas field, the Lopez firm has also been eyeing to augment its investment and fuel source with the setting up of liquefied natural gas (LNG) terminal proximate to its gas-fed plants in Batangas.