First Gen flags up to P23-B exposure from ‘change of control’ clause

MANILA, Philippines – Lopez-led First Gen Corp. said “change of management control” provisions in its deal with Prime Infrastructure Capital Inc. could expose it to up to P23 billion. In a regulatory filing on Tuesday, First Gen said the clause allows Prime Infra to compel the sale of its hydropower stake at a 25-percent discount. This translates to about P15.5 billion tied to the hydropower projects under construction, including Wawa and Pakil. READ: First Gen deal ‘poison pill’ under scrutiny It added the provision may also apply to its remaining gas plant stake, which could be sold at the same […]... Keep on reading: First Gen flags up to P23-B exposure from ‘change of control’ clause

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