The Philippine Stock Exchange has approved the listing of P19.1 billion worth of securities to be issued by First Gen Corporation and Megaworld Corporation.

The bourse said its board has approved the listing of 2.77 billion shares for FGen to cover its planned stock rights offering to all shareholders as of a yet undetermined record date with an offer size of up to P15 billion.

The offer price is yet to be determined but will be at a discount of between 34 percent to 68 percent of the volume-weighted average closing price of FGen’s shares for the five trading days before the date of the signing of the underwriting agreement.

Net proceeds from the offer will be used by FGen for the partial repayment of the group’s existing debt and for general corporate purposes, including working capital and investments.

Meanwhile, the PSE board has also approved the listing of 4.1 billion warrants of Megaworld to cover the four-for-every-five warrants offering attached to and detachable from the rights offer shares of the company.

The bourse also approved the listing of the 4.1 billion Megaworld shares to cover the underlying shares of the warrants subject to the actual exercise of rights of warrants at an exercise price of P1.00 per share.

The bonus warrants are attached and detachable from the 1:4 Stock Rights Offering (“SRO”) to the Megaworld’s stockholders of record as of May 4, 2009. The rights offer was approved by the board of directors of the PSE on February 25, 2009 and the rights shares were listed on June 1, 2009.

Each warrant will entitle the holder to subscribe to one common share of Megaworld at an exercise price of one peso and will have a term of five years from issue date. They may be exercised starting from the 24th month after issue date and before expiration of the five year term.

Aside from the rights offer, Megaworld had raised P5 billion from the issuance of SEC-Registered Fixed Rate Bonds.Proceeds from the issue will be used primarily to fund capital expenditures for Megaworld's proposed North Bonifacio Central District project in Fort Bonifacio.

Megaworld has committed to invest at least P15.6 billion over the next 20 years to develop the North Bonifacio property, located in the northern district of Fort Bonifacio and extending all the way to Kalayaan Avenue.

The property is near the school zone where the British, Japanese and American international schools and various local schools are located.

The company was recently awarded the right to develop the prime property as a joint venture.