MANILA, Philippines - Lopez firm First Gen has tapped BDO Capital and Investment Corporation as issue manager and lead underwriter for its proposed issuance of 135 million of series G of its preferred shares that will help build up the company's cash hoard to bankroll planned projects.
The preferred shares issuance by way of public offering has secured the approval of the firm's board of directors on a special board meeting held last March 19.
In earlier statements of company executives, they noted that this cash infusion activity will likely bring in proceeds of up to P10 billion which the Lopez firm intends to line up for its various projects.
In the same meeting of the company's board, approval has also been granted "to redeem, in whole or in part, the 33,750,000 series "G" preferred shares which were issued to First Philippine Holdings Corporation.
It added in a disclosure to the Philippine Stock Exchange (PSE) that this will be "in connection with First Gen's petition to increase its authorized capital stock from P7.25 billion to P8.6 billion" which it earlier lodged with the Securities and Exchange Commission.
Apart from various projects that First Gen and its subsidiaries have been working on, the company is also pursuing "recapitalization efforts" primarily for the refinancing of its outstanding obligations.
The projects it set on the pipeline include renewable energy projects, which are mainly wind, hydro and geothermal power development ventures.
Beyond its continued local expansion, the company has simultaneously started making inroads on its overseas expansion - with it cornering geothermal concessions in Latin-American jurisdictions, primarily in Chile.
Via its subsidiary EDC, the Lopez firm has already deployed technical contingent in the Southern continent to test the commercial viability of the geothermal prospects it has been eyeing there.
In the domestic scene, another subsidiary is also working on the rehabilitation of its Bacon-Manito acquisition so it can help shore up capacity by 130 megawatts for the need of either Luzon or Visayas grid.
