First Gen declares cash dividend

business mirror

MONDAY, 18 JUNE 2012 19:51 PAUL ANTHONY A. ISLA / REPORTER

LISTED First Gen Corp. said on Monday its board of directors approved the declaration of cash dividends on perpetual preferred shares.

In a disclosure to the Philippine Stock Exchange, First Gen said it will issue cash dividends on an 8-percent per share per annum on all series F preferred shares, 7.7808-percent per share per annum to 120 million series G preferred shares, and 3.27 percent per share per annum on 13.750 million series G preferred shares issued to First Philippine Holdings Corp. (FPHC).

First Gen said the cash dividends have a record date of June 29 and a payment date of July 25.

The board also approved the filing of a listing application with the Philippine Stock Exchange for the 33.750 million series G preferred shares issued to FPHC in March in connection with First Gen’s increase in authorized capital stock.

In May 18, First Gen issued and listed its P10-billion series G perpetual preferred shares in the bourse.

Giles Puno, First Gen president and chief operating officer, said proceeds of the preferred share sale will be used for acquisitions or to reduce debts that include convertible bonds scheduled to fall due next year.

The 100,000,000 series G shares, with a par value of P10 are cumulative, non-voting, non-participating, non-convertible and peso-denominated. The shares were offered at an issue price of P100 each.      source