First Philippine Holdings Corp. has enfused additional P7.5 billion in First Gen Corp., buying 297 million shares in the power company in a discounted price at an overnight placement handled by Deutsche Bank AG.
The shares were sold from the firm’s unissued capital and treasury shares priced at P25.25 each, which is a 2.9-percent discount from P26 apiece when it was last traded on Tuesday.
The money will be used for First Gen’s power projects.
After subscription, FPH will maintain its 66.2 percent holdings in First Gen’s issued and outstanding common shares.
First Gen said the common shares to be issued from its unissued capital stock represent less than 10 percent of the firm’s issued and outstanding capital stock.
“The funds raised in this private placement not only signifies FPH’s continued support in First Gen, but will also bring the company closer to achieving its growth targets,” said Francis Giles B. Puno, First Gen president and chief operating officer.