Philippines Renewable to buy stake in Energy Development Corp

ABS-CBN News

MANILA - First Gen Corp said Thursday Philippines Renewable Energy will acquire up to 31.7 percent of its geothermal unit, Energy Development Corp through a tender offer.The tender offer involves a minimum of 6.6 billion and a maximum of 8.9 billion common shares, representing 23.5 percent to 31.7 percent of EDC&#x27;s total outstanding voting shares, First Gen told the stock exchange.The bidder is offering a price of P7.25 per share, a 22.3-percent premium compared to EDC&#x27;s 30-day average price of P5.93, First Gen said.First Gen said it would keep a 60-percent controlling stake in EDC, adding the sale would deliver approximately P14 billion to the company.&quot;The tender offer provides First Gen with an opportunity to realize part of its investment in the country’s largest renewable energy company,&quot; the company said.The transaction is a &quot;clear vote of confidence in EDC’s clean energy platform from two of the world’s largest infrastructure investors,&quot; said First Gen and EDC Chairman Federico R. Lopez&quot;This will most definitely be a transformational period in the company’s 40-year history,&quot; he said.Upon completion of tender offer, Philippines Renewable Energy will be indirectly held by a consortium funds managed by Macquarie Infrastructure and Arran Investments, an affiliate of GIC Pte Ltd.GIC has over $100 billion in assets under management and is Singapore&#x27;s Sovereign Wealth Fund. It has invested in the Philippines in the past through an acquisition of shares in Century Pacific Food.MIRA is one of the world&#x27;s largest infrastructure asset managers. It manages a $500 million in infrastructure funds spread across 6 investments in the country since 2012. -- with reports from Vivienne Gulla and Warren de Guzman, ABS-CBN News

First Gen Corp said Thursday Philippines Renewable Energy will acquire up to 31.7 percent of its geothermal unit, Energy Development Corp through a tender offer.

First Gen Corp said Thursday Philippines Renewable Energy will acquire up to 31.7 percent of its geothermal unit, Energy Development Corp through a tender offer.

Philippines Renewable to buy stake in Energy Development Corp | ABS-CBN

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Philippines Renewable to buy stake in Energy Development Corp

Philippines Renewable to buy stake in Energy Development Corp

ABS-CBN News

Published Aug 03, 2017 11:35 AM PHT

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Updated Aug 03, 2017 03:59 PM PHT

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