First Gen declares cash dividend

MANILA, Philippines - First Gen Corp., the renewable energy firm of the Lopez Group, will issue as much as eight percent in cash dividends to holders of various preferred shares.

“The board of directors of First Gen approved the declaration of cash dividends on its perpetual preferred shares,” the company told the local bourse.

Specifically, it will distribute annual cash dividends of eight percent for outstanding Series F preferred shares, 7.7808 percent on 120 million Series G preferred shares and 3.27 percent on 13.75 million Series G preferred shares issued to First Philippine Holdings Corp.

“The cash dividends have a record date of June 29 and a payment date of July 25,” First Gen said.

In a separate disclosure, First Gen said it has used up the entire P10 billion it raised from a share sale early this month.

First Gen said it allotted the bulk of the fresh capital of P9.5 billion for acquisition.