The First Philippine Holdings Corporation ("FPH") today executed a Deed of Termination and Release in relation to its joint venture agreements with the BG Group for the First Gas projects in Batangas. The termination of its joint venture with the BG Group was made pursuant to the acquisition by Blue Vulcan Holdings Corp. ("BVHC") of the entire outstanding capital stock of Lisbon Star Management Limited ("LSML"), a company incorporated in the British Virgin Islands, from BG Asia Pacific Holdings Pte. Limited, a member of the BG Group. BVHC is a wholly-owned subsidiary of First Gen Corporation ("First Gen"), which is in turn a subsidiary of FPH.
LSML's wholly-owned Philippine subsidiaries, BG Consolidated Holdings (Philippines), Inc. and BG Philippines Holdings, Inc., own 40% of the outstanding capital stock of First Gas Holdings Corporation ("FGHC"), FGP Corp. ("FGP") and First NatGas Power Corporation ("FNPC"). FGHC's wholly-owned subsidiary, First Gas Power Corporation ("FGP"), owns and operates the 1,000 MW combined cycle Santa Rita natural gas-fired power plant, and FGP owns and operates the 500 MW combined cycle San Lorenzo natural gas-fired power plant. FNPC is the corporate vehicle for the development of the San Gabriel power plant project.
Following BVHC's acquisition of LSML, First Gen will beneficially own 100% of the Santa Rita and San Lorenzo power plants in Batangas. - https://www.affordablecebu.com/
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