A SINGAPORE-BASED holding firm buying some shares of Lopez-led First Gen Corp. refused to accept cash dividends in exchange for its offer price.

Last month, Valorous Asia Holdings Pte. Ltd., a unit of KKR Asia Pacific Infrastructure Holdings Pte. Ltd., publicized its tender offer to acquire 6% to 9% of the Philippine-listed energy company’s total issued and outstanding common shares at P22.50 each.

In its announcement posted in First Gen’s stock exchange disclosure on Wednesday, Valorous informed shareholders that it would close its bid on June 24 at noon.

“Valorous does not have any plan to either extend the tender offer or modify any of its terms (including the tender offer price),” the company added.

The KKR unit also said it would not accept cash dividends from them for its offer.

“Valorous hereby confirms that it will not be receiving that cash dividend on any [First Gen] shares tendered to Valorous under the tender offer,” it said.

Recently, First Gen said it would pay its shareholders their cash dividends of P0.28 per common share on July 20.

It told shareholders eligible for cash dividends that they may tender their shares to Valorous, “without prejudice to their receipt of the cash dividend.”

KKR Asia Pacific Infrastructure is owned by KKR Asia Pacific Infrastructure Investors SCSp based in Luxembourg. The latter is managed and advised by Kohlberg Kravis Roberts & Co. L.P., a unit of New York-listed investment firm KKR & Co., Inc.

Last month, KKR said its all-cash offer could bring immediate return on shareholders’ investments at an “attractive” premium.

“KKR has made this Tender Offer in good faith and would welcome the opportunity to be a minority investor available to positively engage with First Gen’s management team and the Lopez family as helpful in the future,” KKR Asia Pacific Infrastructure Head David Simon Luboff said.

On Wednesday, shares in First Gen inched up by 0.73% to close at P20.75 each. — Adam J. Ang

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