MANILA – US-based global investment firm KKR raised its stake in First Gen Corp to 19.9 percent after investing an additional P8.68 billion in the Lopez Group's renewable energy firm.
The investment firm offered P33 per share for 262.9 million common shares of the company, which is approximately 7.3 percent of its outstanding common shares. The US investment firm will finalize the transaction on October 8, through a block sale at the Philippine Stock Exchange. KKR's investment has reduced First Gen's free float below the 15 percent minimum for a company to be included in the index.
Source: News Formal (newsformal.com)
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