THE Lopez-led First Gen Corp. (First Gen) has increased its voting interest in affiliate Prime Terracota Holdings Corp. and consequently in Prime Terracota’s subsidiary, Energy Development Corp. (EDC).
In a disclosure to the Philippine Stock Exchange (PSE), First Gen said it purchased 13 million Series B preferred shares of stock of Prime Terracota owned by the Employees Retirement Plan of Lopez Inc. (Lopez Inc. Retirement Fund) as well as 16 million Series B preferred shares of stock of Prime Terracota owned by Quialex Realty Corporation.
Prime Terracota is the effective 60 percent voting / 40 percent economic owner of EDC through its subsidiary Red Vulcan Holdings Corporation, the company said.
EDC, a First Gen subsidiary, is the world’s largest vertically integrated geothermal company.
The statement did not disclose by how much the acquisition of shares in Prime Terracota increased First Gen’s voting and economic shares in EDC.
The Lopez Inc. Retirement Fund is a fund established pursuant to the provisions of the Employees Retirement Plan of Lopez Inc.
Lopez Inc. owns a majority stake in Lopez Holdings Corporation, which in turn is the largest shareholder of First Philippine Holdings Corp. (FPH), the parent company of First Gen.
First Gen is one of the biggest independent power producers in the Philippines with an installed capacity of 2,957 megawatts (MW).
It is the primary holding company for the power generation and energy-related businesses of the Lopez Group through FPH.