First Gen Corporation Leads Blue Chip Stocks at Philippine Stock Exchange

PHILIPPINES – First Gen Corporation (PSE:FGEN)’s stock rallied in today’s trading session at the Philippine Stock Exchange to gain 4.08 percent, topping 20 other blue chip stocks that posted gains today.

First Gen Corporation (PSE:FGEN), which a clean and renewable Independent Power Producer, posted a last trade price of Php22.95 a share, gaining Php0.90 from its previous close.

The stock rallied to a high of Php23.30 after opening at Php22.05 and then settled at Php22.95. A total of 2.05 million First Gen Corporation shares exchanged hands with a total value of Php46.67 million.

First Gen Corporation earlier confirmed to the Philippine Stock Exchange the report that its 97 megawatt Avion open cycle natural gas-fired power plant is targeted for completion by the end of this year and expected to cost up to US$150 million.

On the other hand, its 414 megawatt San Gabriel combined cycle natural gas-fired power plant is expected to achieve commercial operations by the middle of 2016 and will cost up to US$600 million.

“The Avion and San Gabriel power plants will help provide incremental power supply to the Luzon grid, and will be owned by First Gen subsidiaries Prime Meridian Powergen Corporation and First Natgas Power Corp, respectively,” the company said in its letter to the Philippine bourse.

First Gen Corporation (PSE:FGEN)’s stocks posted a 52-week high of PHp31.80 and low of Php21.30. The company has market capitalization of Php80.72 billion. – BusinessNewsAsia.com

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