<article><a href="http://www.firstgen.com.ph/" target="_blank">First Gen Corp,</a> a power generation firm in the Philippines, disclosed on Wednesday that it raised $168 million (P7.5 billion) in a private placement intended to support the company&#8217;s growth plans.</article>

<a href="http://www.firstgen.com.ph/" target="_blank">First Gen Corp,</a> a power generation firm in the Philippines, disclosed on Wednesday that it raised $168 million (P7.5 billion) in a private placement intended to support the company&#8217;s growth plans.
First Gen informed the stock exchange of selling 297 million common and treasury shares at P25.25 apiece, a 2.9 per cent discount to Tuesday&#8217;s last traded price of P26. The placement was conducted via an accelerated bookbuilding process.
First Gen&#8217;s parent company <a href="http://www.fphc.com/" target="_blank">First Philippine Holdings Corp (FPH)</a> agreed to subscribe to its pro data share in the transaction. FPH owns 66.2 per cent stake in First Gen&#8217;s issued and outstanding common stock.
&#8220;The funds raised in this private placement not only signifies FPH&#8217;s continued support in First Gen, but will also bring the company closer to achieving its growth targets,&#8221; said First Gen president and chief operating officer Francis Giles Puno.
<a href="http://https://www.db.com/" target="_blank">Deutsche Bank AG</a> is the sole bookrunner for the transaction, and First Gen said it will issue to FPH 179.1 million common shares from treasury stock, as well as 17.6 million common shares from unissued capital stock at the offer price. The company further added the common shares to be issued from their unissued capital stock represent less than 10 per cent of its issued and outstanding capital stock.
&#8220;The transaction received strong investor interest from institutional investors and was oversubscribed,&#8221; First Gen added.
Incorporated in December 1998 as the primary holding company for the power generation and energy-related businesses of the <a href="http://lopez-holdings.ph/" target="_blank">Lopez Group</a> through FPH, First Gen now has 16 power generation plants utilising mainly indigenous fuels such as natural gas, water and geothermal steam. The renewable energy company has installed capacity of 2,783 MW.
First Gen reported income increase of 38 per cent to $162.8 million from January to September last year.
First Gen&#8217;s share price was at P26.15 apiece on Wednesday, up by 0.150 (0.58 per cent) from Tuesday&#8217;s P26.00 per share.

First Gen raises $168m via private placement

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First Gen raises $168m via private placement

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