First Gen declares P900-M dividends

MANILA, Philippines - Lopez-led First Gen Corp. will distribute almost P900 million in dividends to its preferred shareholders next year.

“The board of directors of First Gen approved the declaration of the 2013 cash dividends on its preferred shares,” the company told the local bourse.

Specifically, it will pay P4 per share to holders of the 100 million Series F preferred shares, P3.8904 apiece for the 120 million Series G preferred shares issued through a follow-on offering, and P0.389 each for the 13.75 million Series G preferred shares sold to parent firm First Philippine Holdings Corp. (FPHC).

Hence, First Gen will pay a total of P400 million for the Series F shares, P466.848 million for the Series G shares and P5.349 million for the FPHC-owned Series G shares. Both series are not listed on the local bourse.

“The cash dividends have a record date of Jan. 2, 2013 and a payment date of Jan. 25, 2013,” First Gen said.

All the preferred shares are listed at the Philippine Stock Exchange.

First Gen said owners of outstanding Series B and Series E preferred shares will receive P0.02 and P0.01 per share cash dividend, respectively.

Earnings of the renewable energy firm surged almost 15 times to $147 million in the nine months to September, from $10.1 million a year ago, due to the strong performance of its geothermal, hydropower and natural gas units.

Early in June, First Gen bought out the remaining 40 percent stake of the BG Group in First Gas Holdings Corp. for $360 million.