Federico ‘Piki’ Lopez
MANILA, Philippines – The Lopez family majority has challenged Federico “Piki” Lopez and First Gen Corp.’s board to justify the terms of the company’s hydropower partnership with Prime Infrastructure Capital Inc., claiming the deal leaves First Gen bearing nearly all of the investment and risks.
In a statement released Friday, the family said First Gen agreed to pay a premium of about P42 billion for a 33-percent stake in Prime Infra’s hydropower business, down from the original P50-billion premium tied to a previously proposed 40-percent stake.
READ: Directors back First Gen hydro deal
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