Singapore firm eyeing FGen shares via tender offer
By Myrna M. Velasco – May 26, 2020, 10:00 PM
from Manila Bulletin
Singapore-incorporated firm Valorous Asia Holdings Pte. Ltd. has expressed its interest to acquire 6.0 to 9.0-percent of the common shares of listed firm First Gen Corporation via a tender offer.
The number of shares intended to be purchased by Valorous will be in the minimum of 215,874,870 shares which accounts for 6.0 percent of the company’s common shares; then up to 323,812,305 shares or about 9.0-percent.
The buyer-firm is just a newly registered corporate entity in Singapore – with online records showing that it was just incorporated in March this year.
In a notice published over the weekend, Valorous noted that it will file its tender offer report with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) on Tuesday (May 26); and that it targets to commence the TO the next day (Wednesday or May 27).
Valorous said it will file its application to tender, and such shall also include the terms and conditions of the tender offer.
“Copies of the tender offer report and the relevant tender offer materials will be disseminated as required by law and sent to each common shareholder separately,” Valorous has stated.
Given such development, First Gen has requested the local bourse for the suspension of its shares trading on Tuesday (May 26).
Lopez-owned First Gen is among the major players in the Philippine power industry, with business portfolio generally leaning on clean energy technologies.
It has the most expansive venture on gas-fired power projects in the country for an aggregate capacity of 2,011 megawatts for its Santa Rita, San Lorenzo, San Gabriel and Avion power generating fleets in Batangas.
Its subsidiary companies are also into renewable energy ventures, primarily in geothermal, wind, hydro and solar developments.
In the gas sector, First Gen is eyeing to advance the construction of the country’s first floating storage regasification unit (FRSU) for liquefied natural gas (LNG) imports that it targets to bring to commercial fruition between 2021 to 2022.
The FSRU facility, which will eventually be transformed into an onshore LNG terminal, is being lined up as a replacement facility if the anticipated decline or cessation of gas production at the Malampaya field will come about.
