First Gen declares P1.68-b dividends

Manila Standard Today

By Alena Mae S. Flores Posted on Jul. 13, 2013 at 12:01am

First Gen Corp. of the Lopez Group has declared cash dividends worth P1.68 billion to shareholders for payment next month.

“At its meeting [Thursday], the board of directors of First Gen approved the declaration of cash dividends on its issued and outstanding common shares at the rate of P0.50 per share,” First Gen disclosed to the stock exchange.

First Gen will pay the cash dividends to stockholders of record as of July 25, 2013, with the payment date set on Aug. 19, 2013.

First Gen is pursuing the expansion of natural gas facilities in Batangas.

The company is pursuing the first phase of the San Gabriel expansion, called San Gabriel Avion, which involves the construction of a 100-MW natural gas-fired plant (aero derivative units) that will run as a peaking plant.

The expansion, which is estimated to cost $100 million, is scheduled to be  completed next year.

First Gen president Francis Giles Puno earlier said the second phase of the expansion may involve the construction of a 400-MW natural gas facility and will depend on the company’s ability to purchase additional supply from the Malampaya gas field operated by the Shell Philippines Exploration B.V. consortium. The 400-MW expansion is estimated to cost $400 million.

First Gen is building the facility alongside the company’s existing 1,000-MW Sta. Rita and 500-MW San Lorenzo natural gas facilities in Batangas.

“We’re under negotiations with various contractors to start construction this year [of the first phase],” Puno said.

First Gen plans to expand its natural gas power capacity by 1,300 MW in the next five years. The expansion is estimated to cost up to $2.3 billion and will include the construction of a liquefied natural gas import terminal.   source