A SINGAPOREAN firm has informed shareholders of Lopez-led First Gen Co. of its plan to acquire up to 323.81 million shares of the energy firm.
The board of Valorous Asia Holdings Pte. Ltd. said in a newspaper ad over the weekend that it intends to present a public and voluntary tender offer to acquire at least 215.87 million common shares of First Gen.
It said the minimum number of shares it plans to buy represent about 6% of First Gen’s issued and outstanding common shares. At the maximum number, it plans to acquire shares accounting for 9% of shares held by stockholders.
It said the tender is “subject to satisfaction of certain conditions.”
The company based in Singapore was incorporated just this year in March, according to business directory RecordOwl.
The holding company said a tender offer report will be filed with the Securities and Exchange Commission and the Philippine Stock Exchange on May 26, containing its application and terms and conditions, among others.
Valorous expects its offer to begin on May 27. — A. J. Ang
