First Gen pays preferred shares cash dividends

By Myrna M. Velasco – December 13, 2020, 7:00 AM
from Manila Bulletin

The board of directors of First Gen Corporation approved the declaration of cash dividends on array of its preferred shares that shall be paid to its shareholders by January next year.

The company, in its disclosure to the Philippine Stock Exchange (PSE), stated that it will extend cash dividend of P0.02 per share on all of its Series B preferred shares; and P0.01 per share on all of its outstanding Series E preferred shares.

The Lopez firm’s Series G preferred shares will corner the highest cash dividend of P3.8904 per share and this shall cover 104,400,800 outstanding shareholders.

Additionally, the company said it will issue cash dividend of P0.38904 per share to 13,750,000 outstanding stockholders of its Series G preferred shares that had been issued to First Philippine Holdings Corporation by way of private placement.

The cash dividend payments, it was emphasized, shall be carried out on January 25 next year to specified shareholders as of record date December 23, 2020.

First Gen is distinctively known as an industry player in the Philippine power sector, which guaranteed its investment leaning to be confined only to “clean energy technologies”, primarily renewables and gas-fired power facilities.

First Gen currently has the biggest fleets of gas-fired generating assets in the country with its 1,000-megawatt Santa Rita; 500MW San Lorenzo; 414MW San Gabriel; and 97MW Avion plants.

Beyond that, the firm is also aggressively pushing for more renewable energy installations that could help the country achieve its carbon footprints’ reduction targets.

The Lopez group’s RE investments have been across technologies – including solar, wind, hydro and massive scale geothermal primarily via its subsidiary Energy Development Corporation.

For its clean energy advocacy, this is touted as a win for the Lopez firm, especially when the Department of Energy (DOE) declared moratorium on new coal-fired power projects.