According to Zhitong Financial App, First Pacific (00142) announced that on October 1, 2026, Metro Pacific Investments Corporation (MPIC) (the company's Philippine affiliate, the group indirectly holds 49.9% of its economic interests) and San Miguel Global Power Holdings Corp. (the seller) signed the agreement.

MPIC has agreed to buy, and the seller has agreed to sell the shares through a special bulk sale on the completion date, accounting for approximately 1.9% of the total issued and circulating common share capital of Meralco (Manila Electric Company, an associated company of the Group). The relevant price was 580.99 pesos per sale share (equivalent to approximately US$927 or HK$72.28), totaling approximately 12.4 billion pesos (equivalent to approximately US$198 million or HK$1.5 billion).

Immediately prior to completion, MPIC had approximately 47.5% direct and indirect equity interests in Meralco, while the seller held approximately 4.13% equity interests in Meralco. Upon completion, MPIC will hold approximately 49.4% of direct and indirect equity interests in Meralco, and Meralco will continue to be an associated company of the Group. Meralco is the largest utility power distribution company in the Philippines, serving metropolitan Manila and some surrounding provinces.

The transaction increases MPIC's actual equity in Meralco and reflects MPIC's continued confidence in Meralco's long-term growth prospects and its strategic importance to the Group.

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