First Holdings redeems units' subscription in preferred shares

First Philippine Holdings Corp., on Thursday disclosed that its has redeemed the subscription to its preferred shares by unit First Philippine Electric Corp. and will also redeem its preferred shares from First Philippine Realty Corp. "The redemption should allow both companies pursue their growth and expansion plans," FPHC said. First Philec's focus will be in wafer slicing for solar power panels business which it is developing in partnership with Sunpower Philippines Manufacturing Ltd., an affiliate of Sunpower Corp., an American company. The subscription of its units to its preferred shares was made in support of FPHC's bid to increase its capital stock from P12.1 billion to P32.1 billion in November 2007. FPHC's major investments are in power as it controls First Gen Corp., the largest Filipino independent power producer in the country, and Manila Electric Co.; tollways with Manila North Tollways Corp. as its subsidiary which manages the North Luzon Expressway; and also has interests in construction, services, property and manufacturing. - Cheryl Arcibal, GMANews.TV