FPH to redeem P6.3 billion in preferred shares

First Philippine Holdings Corp. (FPH), a member of the Lopez Group of Companies, has started to buy back all of its preferred shares totaling P6.3 billion a month after getting a P5-billion loan from SM Group’s BDO Unibank Inc.

A disclosure to the Philippine Stock Exchange on Thursday showed that FPH has started redeeming all of its preferred shares totaling P6.3 billion, divided into P4.3 billion series B preferred shares and P2 billion series A preferred shares.