FGen sells stake in gas biz to Razon

Lopez-led First Gen Corporation has formally reported to the Securities and Exchange Commission (SEC) that it will be unloading 60 percent of its gas businesses to Prime Infrastructure Capital Inc., a company owned by billionaire Enrique Razon, for P50 billion through the execution of a term sheet.

- By MYRNA M. VELASCO

"The term sheet includes the parties' agreement to enter into one or definitive agreements for the purchase by Prime Infra of 60 percent equity stake in First Gen subsidiaries relating to its gas business," First Gen has stipulated in its May 30, 2025 SEC filing.

The Lopez firm specified that "Prime Infra has agreed to pay First Gen the amount of P50 billion upon closing of the transaction, subject to adjustments and modification as may be agreed by the parties."

In addition, the deal provided that "First Gen will be entitled to receive additional amounts, subject to the fulfillment of certain conditions.