First Pacific Co’s Affiliate Sells Key Philippine Asset

First Pacific Co (HK:0142) has released an update.

First Pacific Co’s affiliate, Metro Pacific Investments Corporation (MPIC), has agreed to sell its 50% stake in the Philippine Coastal Storage & Pipeline Corporation (PCSPC) for approximately $296 million. This strategic move involves a significant petroleum import terminal in the Subic Bay Freeport Zone, with potential earn-out payments based on performance milestones. MPIC is set to receive around $148 million from this transaction, marking a substantial shift in its investment portfolio.

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