By Juzel L. Danganan
MANILA, June 19 (PNA) – First Gen Corporation has acquired 29 million series B preferred shares of Prime Terracota Holdings Corp., owned by the Lopez Inc. Retirement Fund and Quialex Realty Corporation.
”First Gen Corporation purchased 13 million Series B preferred shares of stock of Prime Terracota Holdings Corp. owned by the Employees Retirement Plan of Lopez Inc. (Lopez Inc. Retirement Fund) and 16 million Series B preferred shares of stock of Prime Terracota owned by Quialex Realty Corporation,” First Gen said in a disclosure with the Philippine Stock Exchange (PSE) Friday.
The power firm noted the stake acquisition, purchased at Php 1.71 per share, amounts to 26.61 percent of Prime Terracota.
First Gen Corporation said it acquired the 29 million shares for Php 49.61 million in cash.
Prime Terracota’s subsidiary, Red Vulcan Holdings Corporation, holds 60 percent voting and 40 economic ownership of Energy Development Corporation (EDC).
Last year, First Gen also acquired 31 million voting preferred shares of Prime Terracota from the Lopez Inc. Retirement Fund. Its voting interest in EDC grew to 50.7 percent with the purchase, while its voting stake in Prime Terracota grew to 73 percent. (PNA)