Hong Kong, Monday 30th May 2016 -- First Pacific Company Limited ("First Pacific" or "the Company") today announced that Metro Pacific Investments Corporation ("MPIC") has agreed to acquire an additional 25% interest in Beacon Electric Asset Holdings, Inc. ("Beacon Electric") for ₱26.2 billion (US$563 million) from PLDT Communications and Energy Ventures, Inc. ("PCEV"), a subsidiary of Philippine Long Distance Telephone Company ("PLDT"), the Philippine's premier telecommunications provider.
MPIC, the biggest infrastructure company in the Philippines, will pay ₱17.0 billion (US$366 million) in cash immediately on completion of the transaction and the balance of ₱9.2 billion (US$198 million) will be paid in installments over the following four years.
This transaction follows Beacon Electric's recent acquisition of a 56% stake in Global Business Power Corporation ("Global Business Power") and increases MPIC's economic interest in Global Power to 42% from 28%. Beacon Electric also owns a 35% stake in Manila Electric Company ("Meralco"), the biggest electricity distributor in the Philippines, whose service area accounts for more than half of the Philippines' economic output. MPIC already owns a 15% direct stake in Meralco; this transaction lifts its direct and indirect economic interest in Meralco to 41%.
"The purchase of additional shares in Beacon Electric by MPIC is a logical step to consolidate First Pacific Group's infrastructure and energy interests under MPIC," said First Pacific Managing Director and Chief Executive Officer Manuel V. Pangilinan. "We expect an immediate increase in MPIC's earnings from this transaction, while the proceeds received by PLDT will strengthen its financial position and help it enhance the quality and coverage of its data and internet infrastructure."
First Pacific is a Hong Kong-based investment management and holding company with operations located in Asia-Pacific. The Company's principal business interests relate to telecommunications, consumer food products, infrastructure and natural resources. First Pacific is listed in Hong Kong (HKSE: 00142) and its shares are also available in the United States through American Depositary Receipts (ADR code: FPAFY). For further information, visit www.firstpacific.com.
| For further information, please contact: | |
| John Ryan | Tel: +852 2842 4355 |
| Head of Investor Relations | Mobile: +852 6336 1411 |
| Executive Vice President | |
| Group Corporate Communications | |
| Sara Cheung | Tel: +852 2842 4336 |
| Vice President | |
| Group Corporate Communications | |
| © Copyright 1996-2023 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |