LOPEZ-LED First Philippine Holdings Corp. (FPH) has raised P3.9 billion from selling a portion of its interests in power subsidiary First Gen Corp.
In a disclosure to the Philippine Stock Exchange (PSE), FPH said it sold 35.688 million of Series F preferred shares in First Gen for P110 apiece on Wednesday.
“After the said sale, FPH will still have 16.745 million series F preferred shares [in First Gen],” the company said. “FPH continues to retain its 66.2 percent ownership of the common shares of First Gen.”
FPH is seeking to grow its manufacturing, industrial parks and power businesses for better bottom line and top line results.
In the first half of the year, the company saw its net income drop 11 percent P6.5 billion from P7.3 billion a year earlier. It cited higher costs and foreign exchange losses despite higher revenues of P48.42 billion from P47.92 billion.