EDC management agreement
Red Vulcan Holdings Corp., a wholly-owned subsidiary of First Gen Corp., has signed a shareholders’ agreement with Philippines Energy Markets B.V., Philippines Renewable Energy Holdings Corp. and Energy Development Corp.
“The agreement sets out the agreement of the parties with respect to the management of EDC,” First Gen disclosed to the Philippine Stock Exchange on Monday.
First Gen and its subsidiary Northern Terracota Power Corp. participated in the tender offer of EDC’s common shares.
First Gen and Norther Terracota tendered their 992 million and 986 million shares, respectively.
“Out of the said shares, and following the implementation of the scale back announced by PREHC (the bidder), the tendered shares are 842,872,141 for First Gen and 838,244,082 shares for NTPC,” First Gen said.
PREHC is consortium of investment fund managers managed by Macquarie Infrastructure and Real Assets (MIRA) and Arran Investment Pte Ltd. of Singapore-based GIC which tendered an offer of P7.25 per share of EDC’s common stock.
Philippines Energy Markets B.V. is a private company under the laws of the Netherlands and is the parent company of PREHC.