In view of this, First Gen sought a one-day trading suspension to allow equal dissemination of such information and protect the stock price.
PCEH placed an ad in a newspaper informing the public of its intention to acquire between three percent and 5.7 percent of First Gen’s total issued and outstanding common shares.
“ We have yet to receive the tender offer report. The request is being made to give the company’s shareholders equal access to the said information,” First Gen said.
In June last year, Singaporean firm Valorous Asia Holdings Pte. Ltd has acquired 11.9 percent of First Gen’s outstanding common shares for P9.6 billion.
First Gen, a subsidiary of First Philippine Holdings Corp. is one of the Philippines’ biggest independent power producers, utilizing clean and indigenous fuels such as natural gas, geothermal energy from steam, hydro-electric, wind, and solar power.
The company has 3,492MW of installed capacity in its portfolio, which accounts for 21% of the country’s gross generation.