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1.
Company Information
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Company Name
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First Gen Corporation (FGEN)
|
Sector
|
Industrial
|
Incorporation Date
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Dec 22, 1998
|
Subsector
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Electricity, Energy, Power & Water
|
Number of employees
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2,719(Group Total)
|
Board of Directors
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Chairman Emeritus: Oscar M. Lopez, Chairman: Federico
R. Lopez
|
Website / E-mail
|
http://www.firstgen.com.ph /
rrhernandez@firstgen.com.ph
|
2.
Stock Information
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Total Assets
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USD 5,726,798,000
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Market Capitalization
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63,773,636,762.94
|
Total Liabilities
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USD 3,340,077,000
|
Outstanding Shares
|
3,660,943,557
|
Retained Earnings
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USD 1,048,920,000
|
Listed Shares
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3,660,943,557
|
Listing Date
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Feb 10, 2006
|
Issued Shares
|
3,660,943,557
|
Board Lot
|
100
|
Free Float Level (%)
|
32.77%
|
Par Value
|
1.00
|
Foreign Ownership Limit
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40%
|
3.
Major Stock Holders
|
FIRST PHILIPPINE HOLDINGS CORPORATION
PCD NOMINEE CORPORATION (FILIPINO)
PCD NOMINEE CORPORATION (FOREIGNER)
F. YAP SECURITIES, INC.
|
66.23%
21.51%
11.06%
0.28%
|
4.
Company Descriptions and Business Development
|
Notes
1. Related companies: FGEN, EDC, FPH and LPZ, ROCK
2. FGEN and its subsidiaries sold EDC shares to
Philippines Renewal Energy Holdings Corp around 31%. Red Bulcan is still holding
common and voting preferred shares which correspond to a 60.0% voting stake
in EDC.
3. FGEN has many long-term power supply contracts with
Meralco.
4. Malampaya gas field will be depleted in around 2024.
FGEN is preparing LNG facilities together with DOE (Department of Energy) and
other companies to cope with the situation.
5. Federico R. Lopez is the son of Oscar M. Lopez, and
is a 1st cousin of Eugenio L. Lopez III. The wives of Federico R. Lopez and
Francis Giles B. Puno are sisters.
|
Overview
First
Gen Corporation (First Gen or the Company) was incorporated on December 22,
1998. First Gen is the largest clean and renewable Independent Power Producer
(IPP) in the Philippines, with installed capacity of 3,468 MW as of December
31, 2016.
Business
Revenue
contribution in 2016 (in US thousand dollars)
FGPC
|
FGP
|
EDC
|
FG Hydro
|
Others
|
535,141
|
291,536
|
675,637
|
48,350
|
22,635
|
34.01%
|
18.53%
|
42.94%
|
3.07%
|
1.44%
|
Others include the
combined net income of FNPC and Prime Meridian totaling to $18.0 million.
Subsidiaries /
Associates / Affiliates / Joint Ventures
First Gas Holdings
Corporation (FGHC) was incorporated on February 3, 1995 as a holding
company for the development of natural gas-fired power plants and other
non-power gas related businesses. FGHC wholly-owns FGPC, the project company of the 1,000 MW Santa Rita Power
plant. It purchases of natural gas from the Malampaya gas field.
FGP Corp. (FGP) is the project
company for the 500 MW San Lorenzo Power plant.
Prime Meridian
PowerGen Corporation (PMPC) operates the 100 MW Avion natural gas-fired
power plant.
First Gen
Renewables, Inc. (FGRI) is tasked to develop prospects in the
renewable energy market.
Prime Terracota
Holdings Corp. (Prime Terracota) was incorporated on October 17, 2007 as
the holding company of Red Vulcan Holdings Corporation (Red Vulcan). Red
Vulcan was incorporated on October 5, 2007 as the holding company for First
Gen’s then 60% voting equity stake in Energy Development Corporation (EDC).
Energy Development
Corp. (EDC)
is involved in geothermal, wind, solar power generation business. Aggregate
installed capacity is 1,326 MW.
First Gen Hydro
Power Corporation (FG Hydro) operates 132 MW Pantabangan-Masiway
hydroelectric power plants.
AlliedGen Power
Corp. (AGPC)
wholly-owns FNPC, the
project company of the 420 MW San Gabriel natural gas-fired power plant.
Prime Meridian
PowerGen Corporation (PMPC) is the operating company of the 100 MW
Avion open-cycle natural gas-fired power plant (Avion)
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