In a disclosure to the Philippine Stock Exchange, First Gen said it purchased 31 million preferred shares in Energy Development Corp (EDC) held by Prime Terracota Holdings Corp for P48.5 million.
Prime Terracota is owned by the retirement fund of Lopez Inc, majority owner of Lopez Holdings Corp, which in turn is the largest shareholder in First Philippine Holdings Corp, the parent firm of First Gen.
The acquisition of Prime Terracota's shares will increase First Gen's voting stake in EDC from 45 percent to 73 percent, as well as economic interest from 33.6 percent to 50.7 percent.
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