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First Gen increases its stake in EDC exercising a call option

First Gen increases its stake in EDC exercising a call option Bacon-Manito geothermal power plant, Philippines (source: First Gen Corp.)
Alexander Richter 4 Apr 2011

First Gen Corp raises its stake in geothermal power company Energy Development Corp (EDC) buying shares worth US$49m, as reported in a disclosure to the Philippine Stock Exchange.

“Lopez-owned First Gen Corp. said today it raised its stake in geothermal power unit Energy Development Corp. (EDC) by buying the remaining shares covered by a call option it acquired last year.”, so news from the Philippines.

In a disclosure, First Gen said it bought 390 million EDC shares for P5.51 each. (this represents a total of US$49m)

“The transaction will be made through a special block sale in the Philippine Stock Exchange, and covers the remainder of the 585 million shares subject of the call option executed by First Gen on April 20, 2010,” it said.

First Gen initially bought 195 million shares under the call option in EDC last month.

First Gen is one of the country’s largest power producers, with total installed capacity of 3,047.4 megawatts which are mostly renewable energy.”

Source: ABS CBN