First Gen Corp. asked the Philippine Stock Exchange to suspend the trading of its shares on Tuesday after receiving an offer from Valorous Asia Holdings Pte. Ltd. of Singapore to acquire stakes in the Lopez-led energy firm.
First Gen said in a disclosure to the stock exchange that it requested for a one-day trading suspension after the company received from Valorous Asia its intention to conduct a public and voluntary tender offer, subject to certain conditions, for the company’s common shares representing approximately 6 percent to 9 percent of the total issued and outstanding shares.
“The request is also being made to allow equal dissemination of such information, and protect the stock price,” the company said.
First Gen said it was informed that Valorous Asia would file the tender offer report with the Securities and Exchange Commission on May 26 and that the tender offer would commence on May 27.
The company did not disclose further details of the transaction.
