An open letter to President Arroyo Mr. Oscar M. Lopez, Chairman of First Holdings, wrote an open letter to President Gloria Macapagal-Arroyo, explaining why power rates in the Philippines are so high and what his proposed solutions are to bring down the prices of power. Investors/Analysts' Briefing First Holdings held its Investors/Analysts' Briefing last April 17, 2008. First Holdings' preferred shares timetable First Holdings has submitted a letter to the PSE which contains the timetable of the listing of its preferred shares. The tentative listing date is set on April 30, 2008. First Holdings declares cash dividend First Philippine Holdings Corporation declared a P1/share cash dividend. The Board of Directors Approved Matters on ASM The Board of Directors today approved the following matters in its regular board meeting today pertaining to the annual stockholders' meeting (ASM) First Holdings recurring income up 63% This year's income represents a 63% increase over last year's recurring income of P2.7 Billion. FPHC entered into and signed the FRCN Facility Agreement today FPHC entered into and signed today the Floating Rate Corporate Notes Facility Agreement with BDO Capital and Investment Corporation (Lead Arranger and Sole Bookrunner) and several financial institutions. Mr. Federico R. Lopez appointed as Managing Director for Energy The First Holdings Board of Directors approved today the appointment of Mr. Federico R. Lopez as Managing Director for Energy. First Philec and SunPower form a Joint-Venture First Philec and SunPower Philippines Manufacturing Ltd., a subdiary of U.S. company SunPower Corporation, entered into a joint venture agreement on October 1, 2007 First Holdings now owns 33.4% of Meralco First Philippine Holdings Corporation (First Holdings) has completed today the purchase of Spanish company Union Fenosa Internacional, S.A.’s (UFI) 40% ownership in its joint venture company, First Philippine Union Fenosa (FPUF). FPHC announces the retirement of two of its executives During the FPHC Board meeting today, the Board of Directors was advised that two of the executives of FPHC will avail of the FPHC retirement plan. Peter Garrucho retires as Managing Director for Energy Mr. Peter D. Garrucho, Jr. has opted to retire from First Philippine Holdings Corporation where he served as Managing Director for Energy. FPHC Raising Funds and Capital In its Special Stockholders' Meeting today, FPH stockholders approved an amendment to the Articles of Incorporation to increase its authorized capital stock. First Holdings' Recurring Income Up 24% First Holdings' recurring income for the nine months of the year ending September 30, 2007 was 24% higher than the same period in 2006. First Gen's buy-back program to run for two years First Gen disclosed to the PSE yesterday that its Executive Committee has set a two-year period within which to carry out the Company's buy-back program. This shall commence on October 1, 2007 and end on September 30, 2009. First Gen to bid for PNOC-EDC shares First Gen disclosed to the Philippine Stock Exchange its interest to participate in the bidding of shares of PNOC Energy Development Corporation. Notice of Special Stockholders' Meeting on Oct. 10, 2007 FPHC will have a Special Stockholders' Meeting on Wednesday, October 10, 2007, at 3:00 p.m. at the Meralco Mini-Theater, Lopez Building, Ortigas Avenue, Pasig City. FPH draws P5 billion on FXCN agreement (Apr 11, 2007) The Corporation has drawn the amount of P5 Billion Pesos under the Fixed Rate Corporate Notes Facility Agreement which it signed with ING Bank N. V. Manila Branch and certain institutions. Mr. Ariel Ong elected as Vice President of First Holdings Mr. Ariel Ong was elected today by the Board of Directors of FPHC as vice president of FPHC. FPHC signs a FXCN agreement with ING Bank for P5 billion (Mar28) The Corporation signed today a Fixed Rate Corporate Notes Facility Agreement with ING Bank N. V. Manila Branch and certain institutions for the issuance of up to Pesos Five Billion (P5B) FPHC Recurring Earnings up by 48% (2Q Press Release) First Philippine Holdings Corporation (FPHC) generated a consolidated net income of P2.6 billion in the first half of the year 2007. This is P1.5 billion or 36% lower compared to the same period last year. Meralco declassifies shares (Feb 26, 2007) Meralco decided to remove the classification of its capital stock into Class "A" and Class "B" shares subject to the approval by the stockholders and o the regulatory rules and requirements of SEC, PSE and the ERC. FPHC calls for a special stockholders' meeting on Oct. 10, 2007 The board has approved an amendment to Article 7th of FPHC's Articles of Incorporation by increasing the authorized capital stock to P32,100,000,000.00 from P12,100,000,000.00 and creating 200,000,000 preferred shares with a par value of P100 each share. First Gen income up 6% at US$ 92 million (Mar. 8, 2007) First Gen reported higher profits in 2006 with net income of US$ 92 million, up by 6% compared to 2005. The increase was primarily driven by the acquisition of the 112MW Pantabangan-Masiway Hydroelectric Complex... FPHC is raising additional funds of up to $ 350M First Holdings is raising additional funds of up to US$ 350,000,000 in relation to the transactions to increase its stake in Meralco. FPHC questions Sandiganbayan decision on EPCIB (Mar. 6, 2007) Lopez-owned First Philippine Holdings Corporation (FPHC) will question the Sandiganbayan decision dismissing, even before trial of the case, their claim to a block of Equitable-PCI Bank (EPCIB) shares registered in the name of Trans Middle East (Phils.) FPHC to buy common shares of Meralco Pension Fund FPHC has executed a Memorandum of Agreement to buy classes A and B common shares of the Meralco Pension Fund. The shares constitute 6.6% of Meralco’s outstanding common stock. FPHC Holds Roadshow to Launch Note (Feb. 23, 2007) First Holdings held a roadshow to launch its P3 billion domestic fixed rate corporate note last Feb. 23, 2007 at the Makati Shangrila Hotel. The note was rated “PRS Aaa minus” by PhilRatings. FPHC board approves MOA for purchase of Union Fenosa shares FPHC board approves the Memorandum of Agreement between FPHC and Union Fenosa Internacional S.A., (UFI) for the future purchase of the latter's share in First Philippine Union Fenosa, Inc. (FPUFI). FPHC to raise P3 billion worth of fixed notes (Feb. 20, 2007) The Corporation intends to raise P3 Billion worth of fixed rate corporate notes (the "Notes") with an option to increase to P5 Billion. The proceeds are to be used for general corporate purposes which may include capital expenditures and acquisitions. Former SC Chief Justice Panganiban as new director FPHC Board elects former Supreme Court Chief Justice Artemio Panganiban as its new independent director, replacing Mr. Angel Ong, Benpres president and COO, who has resigned to give way to Mr. Panganiban. PSALM turnsover Pantabangan-Masiway to First Gen Hydro (Nov 17) PSALM formally turned over the 112MW Pantabangan-Masiway hydroelectric power plants to First Gen Hydro today. The turnover was made following payment to PSALM by First Gen Hydro of the upfront fee of US$ 51.6 million. FPHC’s net income almost doubles (April 17, 2007) First Holdings earned its highest revenues and net income in its 46-year history. Its revenues hit an all-time high of P59.6 billion, 12% higher than last year’s P53.3 billion. Net income was P8.7 billion, 78% higher than P4.9 billion last year. Lopezes pursue claim on Equitable PCIBank shares (June 22, 2006) The Lopez family, through First Philippine Holdings Corporation (FPHC), renewed its claim on Equitable PCIBank shares currently being voted by the Romualdez group through Trans Middle East (Philippines) Equity, Inc. (TMEE) Global, local loan accords ‘confidence vote’ for MNTC MNTC successfully closed its US$ 210 million-equivalent refinancing facility yesterday with a consortium of global, local and other financial institutions with ING Bank, N.V. and Mizuho Corporate Bank Ltd acting as Joint Coordinating Arrangers. BOD declares a P1.00 cash dividend (April 12, 2007) Board of Directors declares a P1.00 per share cash dividend to stockholders of record as of April 27, 2007. FPH posts highest revenues and income ever with P59.6 billion and P8.7 billion respectively. Other items were also approved. FPHC holds its Annual Stockholders' Meeting on June 14, 2006 FPHC holds its Annual Stockholders' Meeting at the Meralco Theater, June 14, 2006. Chairman and CEO Oscar M. Lopez and President Elpidio L. Ibañez, deliver their reports on the company's outstanding performance for the year ended 2005. Election of Officers, Board and Committee Members (July 6, 2006) At the Organizational Meeting of the Board of Directors held on July 6, 2006, the following persons were elected officers as well as Chairman and Members of the Board Committees of the Corporation: FPHC 3Q Net Income at P5.2B (Nov. 14, 2006) First Philippine Holdings Corporation (FPHC) posted a net income attributable to equity holders of the parent company for the first nine months of the year of P5.2 billion. FPHC moves its annual stockholders' meeting to June 14. (May 3) The transition to the new accounting standards caused delays in the finalization of 2005 financials. In view of this and to allow time for stockholders to study corporate documents, the annual stockholders’ meeting has been moved from May 15 to June 14. PSALM issues Notice of Award to First Gen Hydro (Oct. 3, 2006) PSALM, through its Privatization, Bids and Awards Committee, has issued the Notice of Award to First Gen Hydro Power Corporation (First Gen Hydro) as the winning bidder for the 112MW Pantabangan-Masiway hydroelectric power plant. FPHC, FGHC Int'l & AIDEC agree to lock-up period (Apr. 28) FPHC and its wholly-owned subsidiary, FGHC International, have entered into an agreement with AIDEC, a significant stockholder of First Gen Corp., to extend the lock-up period over their shares in First Gen Corp. up to December 31,2006. FPHC income increases by 133% First Holdings' net income attributable to equity holders of the parent company for the first half of the year amounted to P4 billion, a 133% increase over last year. First Gas settles arbitration dispute with Siemens (Oct. 9) First Gas Power Corp. (FGPC) and the Siemens consortium relating to the Sta. Rita power plant have agreed to settle all outstanding matters relating to the construction of the plant. Siemens will pay FGPC $ 10.5 M on Oct. 18, 2006. Board approves audited financial statements (Mar. 28, 2006) The board approved FPHC’s audited financial statements for the calendar year ended Dec. 31, 2005. First Holdings earned revenues of P55 B and a net income of P4.9 B. First Holdings announces a P1.00 cash dividend per share On October 5, 2006, the Board of Directors declared a One Peso (P1.00) per share cash dividend to all stockholders of record as of November 6, 2006, payable on or before November 15, 2006. FPHC declares a P1.00/share cash dividend (Mar. 16, 2006) Last March 16, 2006, the board declared a P1.00 per share cash dividend to stockholders of record as of April 7, 2006, payable on or before May 5, 2006. MNTC to Issue P3.0 B Notes to Refinance Dollar Loans Manila North Tollways Corporation (MNTC), builder and concessionaire of the North Luzon Expressway (NLEX), is set to issue P3.0 billion in 7-year Fixed Rate Corporate Notes (FXCNs) with an option to increase the issue amount to P5 billion. The amount will Board approves transfers to First Philec (Feb 9, 2006) The Board approves transfer of shares of Philec, Fedcor, FSCI & First Sumiden Realty to First Philec. First Philec serves as FPHC’s holding company for its manufacturing sector; Board member Steve Psinakis submitted his resignation. First Gen Subsidiary Submits Highest Bid for Pantabangan-Masiway On September 8, 2006, First Gen Hydro Power Corporation submitted the highest bid to PSALM for the 112MW Pantabangan-Masiway Hydroelectric Power Plant Complex located at Pantabangan, Nueva Ecija. First Gen Hydro, a 100%-owned subsidiary of publicly-listed First Gen IPO at P47/share (Jan. 27, 2006) First Gen Corporation (First Gen) will have its domestic offering of its common shares from Jan 31 to Feb 6. These shares will be listed in the Philippine Stock Exchange (PSE) and trading will begin on Feb 10. The IPO price is at P47/share. |
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