Lopez Holdings

 

FPHC raising funds and capital
First Philippine Holdings Corporation's (FPHC) main agenda for its Special Stockholders' meeting is the ratification of the Board of Directors' approval of an amendment to Article Seventh of its Articles of Incorporation. Under the proposed amendment, the authorized capital stock of FPHC will be increased to Thirty-Two Billion One Hundred Million (P32,100,000,000.00) from Twelve Billion One Hundred Million (P12,100,000,000.00).

This will be done through the creation of Two Hundred Million (200,000,000) preferred shares with a par value of P100 per share. The amendment to Article Seventh of the Articles of Incorporation will be filed with the Securities and Exchange Commission for approval.

The planned issuance of preferred shares will be used for various corporate purposes. These may include increasing the company's stakes in core investments such as the Manila Electric Company, First Gen Corporation and Manila North Tollways Corporation, new strategic investments in infrastructure, manufacturing and property and the refinancing of existing debts.

Further to a previous announcement, FPHC is in the process of finalizing a dual tranche (dollar and peso) floating rate note facility amounting to not less than Two Hundred Twenty Million Dollars (0,000,000.00) or its Peso equivalent. BDO Capital and Investment Corporation is the Lead Arranger and Sole Bookrunner for the facility. The loan proceeds will be used, among other things, to complete the purchase of additional stakes in Meralco consisting of the 9.1% indirect ownership of Union Fenosa Internacional, S.A. through First Philippine Union Fenosa and the 6.6% direct ownership of the Meralco Pension Fund. These will increase FPHC's direct and indirect ownership to 33.4% of Meralco. 

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Lopez Holdings Corporation 
16/F North Tower, Rockwell Business Center Sheridan, Sheridan St. corner United St., 1550 Bgy. Highway Hills, Mandaluyong City, Philippines

  • Trunkline: (632) 8878 0000
  • Fax: (632) 8878 0000 ext 2009
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