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Business

First Holdings to raise P7-B

Neil Jerome Morales - The Philippine Star

MANILA, Philippines - First Philippine Holdings Corp. (FPHC) of the Lopez family is tapping the capital market to generate P7 billion for the acquisition and expansion of its operating units.

In a disclosure, FPHC said its board of directors approved the issuance of cumulative, non-voting, non-participating and non-convertible preferred shares through a private placement and fixed-rate corporate notes of up to P7 billion.

The fundraising program will “finance direct investments and/or acquisitions...and to fund other general corporate purposes,” the holding firm said.

FPHC appointed BDO Capital & Investment Corp. as the sole arranger. The preferred shares will be listed in the Philippine Stock Exchange in the next six months.

“Obviously, the portfolio is expanding like the power generation and property businesses. We are preparing for it,” FPHC chief financial officer and treasurer Francis Giles B. Puno said in an interview.

He said the fundraising program, which could be conducted in tranches, would be completed this year.

FPHC operates the power business through units Energy Development Corp. and renewable energy firm First Gen Corp. The company looking at increasing its generating capacity by 400-500 megawatts in the next few years.

It is also into property development through Rockwell Land Corp. while owning a small stake in power distribution giant Manila Electric Co.

CORP

ENERGY DEVELOPMENT CORP

FIRST GEN CORP

FIRST PHILIPPINE HOLDINGS CORP

FRANCIS GILES B

INVESTMENT CORP

LOPEZ

MANILA ELECTRIC CO

PHILIPPINE STOCK EXCHANGE

PUNO

ROCKWELL LAND CORP

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