An update from First Pacific Co ( (HK:0142) ) is now available.
First Pacific Co has announced a major transaction involving the proposed spin-off and separate listing of its Philippine affiliate, Maynilad Water Services, Inc., on the Philippine Stock Exchange. The spin-off is expected to involve the issuance of up to 2,457,290,000 shares, representing 30.45% of Maynilad’s enlarged share capital. This move is anticipated to consolidate Maynilad’s position within the group while allowing First Pacific Co to distribute shares to its shareholders. The transaction is subject to market conditions and regulatory approvals, with the offer price expected to be up to PHP20 per share.
More about First Pacific Co
First Pacific Co is a diversified investment management and holding company with interests in various sectors, including consumer food products, telecommunications, infrastructure, and natural resources. The company focuses on investments in the Asia-Pacific region, with a significant presence in the Philippines.
YTD Price Performance: 14.29%
Average Trading Volume: 22,138
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $2.63B
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