First Pacific (HKG:0142) said Friday that its unit, Metro Pacific Investments, bought an additional stake in Manila Electric (PSE:MER) from San Miguel Global Power for $198.4 million, according to a same-day bourse filing.

Following the transaction, Metro Pacific will own a 49.4% stake in Manila Electric, up from 47.5%.

First Pacific shares were down over 1% in afternoon trading Friday.