First Gen Corp. said its board of directors approved the creation of 160 million preferred shares, raising its authorized capital to P13.2 billion from the current P11.6 billion.
A prelude to a fundraising activity, First Gen said the newly-created shares, Series, will have a par value of P1 and are cumulative, non-voting and non-participating and redeemable at the option of the company.
The company said the shares’ dividend rate is yet to be determined.
“The amendment to increase the authorized capital stock will give the corporation increased financial flexibility to raise cash for its various projects and/or to pay debt,” First Gen said.
The increase in the company’s capital will be calendared for shareholders’ approval once the company holds its annual stockholders’ meeting this May.
First Gen has the largest portfolio of clean and renewable energy with a total installed capacity of 3,490 megawatts as of end-2018.
