First Pacific Company Limited (00142) has announced that on October 1, 2026, Metro Pacific Investments Corporation (MPIC), a Philippine associate of the company in which the group indirectly holds a 49.9% economic interest, entered into an agreement with San Miguel Global Power Holdings Corp. (the seller).

Under the agreement, MPIC has agreed to purchase, and the seller has agreed to sell on the completion date by way of a special block sale, sale shares representing approximately 1.9% of the total issued and outstanding ordinary share capital of Meralco (Manila Electric Company), an associate of the group.

The price is PHP 580.99 per sale share (equivalent to approximately US$9.27 or approximately HK$72.28), for a total of approximately PHP 12.4 billion (equivalent to approximately US$198 million or approximately HK$1.5 billion).

Immediately prior to completion, MPIC held approximately 47.5% direct and indirect equity interest in Meralco, while the seller held approximately 4.13% equity interest in Meralco.

Upon completion, MPIC will hold approximately 49.4% direct and indirect equity interest in Meralco, and Meralco will continue to be an associate of the group.

Meralco is the largest electric power distribution company in the Philippines, serving Metro Manila and parts of surrounding provinces.

This transaction increases MPIC's effective interest in Meralco and reflects MPIC's continued confidence in Meralco's long-term growth prospects and its strategic importance to the group.