Published May 26, 2021, 2:38 PM
FGP Corp., which is a subsidiary of Lopez-led First Gen Corporation, has inked a six-year US$308 million loan facility with four banks – the proceeds of which will primarily be allocated to refinance debts funneled to its 500-megawatt San Lorenzo gas fired power plant; while the rest will be earmarked for expansion projects.
First Gen
The lenders in the new loan deal are Bank of the Philippine Islands, BDO Unibank Inc., Philippine National Bank and foreign bank Sumitomo Mitsui Banking Corporation – Singapore Branch.
“The proceeds from the initial drawdown on the loans will be primarily used to repay the amounts due on FGP’s existing debt of approximately US$164 million,” First Gen has stipulated in its disclosure to the Philippine Stock Exchange.
BusinessWorld
May 25, 2021 | 12:05 am
BW FILE PHOTO
MEGAWIDE Construction Corp.’s net income attributable to the equity holders of the parent dropped 98.6% in the first three months of the year, but the company said the results signaled its return to a “healthier performance.”
The company’s first-quarter attributable net income stood at P2.85 million, down from P200.94 million in the same period in 2020, according to Megawide’s quarterly earnings report.
Total revenues fell 22.8% to P3.83 billion from P4.96 billion previously.
“While the results still lagged from the previous year, the company was able to turn in a positive bottomline due to aggressive cost rationalization and overhead management, resulting in lower operating expenses,” Megawide said in a statement.
Philippine Airlines (PAL) has "no definite decision at this time" about filing for bankruptcy in the US to get court protection from creditors. And yet, "all options are possible," the flag carrier acknowledged in its latest disclosure to the Philippine Stock Exchange. To keep afloat, PAL is streaml
Asia United Bank reported a 38 percent drop in consolidated net income to P736 million in the first three months of 2021 from the P1.2 billion earned a year ago primarily due to higher loan loss provisions. “While COVID-19-related lockdown persists and the economy continues to reel from the impact
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