First Gen re-acquires 36 million shares at Php110 each

MANILA, Oct 7 (PNA) –- Lopez-led First Gen Corp. has re-acquired 36 million preferred shares at Php 110 each.

In a disclosure from the Philippine Stock Exchange Wednesday, First Gen Corporation said it “purchased from the market 36,365,000 Series F preferred shares at Php 110.00 per share.”

With that, the transaction amounted to Php 4 billion (4,000,150,000).

The transaction covers Php 5 billion worth of Series F and G preferred shares.

The company noted that the purchase was part of a two-year buyback program, which was approved by its Board of Directors on May 12, 2014.

First Gen is the power arm of First Philippine Holdings Corp. Its two main subsidiaries are Energy Development Corp. and First Gas Power Corp. (PNA)