FIRST PACIFIC COMPANY LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
OVERSEAS REGULATORY ANNOUNCEMENT Please refer to the filing submitted by Metro Pacific Investments Corporation ("MPIC") with the Philippine Stock Exchange, in relation to the SEC Form 17-C together with the press release relating to the acquisition by MPIC of an additional 25% interest in Beacon Electric Asset Holdings, Inc. thereby increasing its overall economic interest in Manila Electric Company to 41.2% and Global Business Power Corporation to 42%. Dated this the 30th day of May, 2016As at the date of this announcement, the board of directors of First Pacific Company Limited comprises the following directors:
Executive Directors:
Manuel V. Pangilinan, Managing Director and CEO
Edward A. Tortorici Robert C. Nicholson
Non-executive Directors: Anthoni Salim, Chairman Benny S. Santoso
Tedy Djuhar
Napoleon L. Nazareno
Independent Non-executive Directors: Prof. Edward K.Y. Chen, GBS, CBE, JP Margaret Leung Ko May Yee, SBS, JP Philip Fan Yan Hok
Madeleine Lee Suh Shin
SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C
CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. 30 May 2016
Date of Report (Date of earliest event reported)
SEC Identification Number CS200604494
BIR Tax Identification No. 244-520-457-000
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METRO PACIFIC INVESTMENTS CORPORATION
Exact name of issuer as specified in its charter
METRO MANILA, PHILIPPINES 6. (SEC Use Only)
Province, country or other jurisdiction of incorporation
Industry Classification Code:
7. 10th Floor, MGO BUILDING, LEGAZPI COR. DELA ROSA STREETS, LEGAZPI VILLAGE, MAKATI CITY, METRO MANILA, PHILIPPINES........................
Address of principal office Postal Code
8. (632) 888-0888
Issuer's telephone number, including area code
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NA
Former name or former address, if changed since last report
Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON SHARES OF STOCK 27,898,323,752*
*as reported by the stock transfer agent as of 30 April 2016.
Indicate the item numbers reported herein: Item 9
Item 9. Other Items
Please see attached press release.
SIGNATURES
Pursuant to the requirements of the Securities Regulation Code, the Issuer has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
METRO PACIFIC INVESTMENTS CORPORATION 30 May 2016MPIC or Issuer Date
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JOSE JESUS G. LAUREL General Counsel/Vice President - Legal Compliance OfficerPRESSRELEASE
MPIC acquires additional 25% interest in Beacon Electric thereby increasing its overall economic interest in MERALCO to 41.2% and Global Power to 42%MANILA, Philippines, 30th May 2016 - Metro Pacific Investments Corporation ("MPIC') and PLDT Communications and Energy Ventures, Inc. ("PCEV") today announced that they had entered into a Sale and Purchase Agreement for MPIC to acquire a further 25% interest in Beacon Electric Asset Holdings ("Beacon Electric"), which owns 35% of Manila Electric Company ("MERALCO") and 56% of Global Business Power Corporation ("Global Power"), for an aggregate purchase price of P26.2 billion. This purchase consideration is to be settled as to
₱17.0 billion in cash and the balance of ₱9.0 billion over the next four (4) years.
Upon completion MPIC will continue to own a direct 15% interest in MERALCO and, through its 75% interest in Beacon Electric, a further 26.2% - thereby taking its effective ownership interest in MERALCO to 41.2% and in Global Power to 42% directly and about 9.1% indirectly (through MERALCO). PCEV's interest in MERALCO will be reduced to an effective interest of 8.7%. There will be no change in the aggregate interest of MPIC, PCEV and Beacon in MERALCO which remains at 49.96%.
Jose Ma. K. Lim, CEO of MPIC commented, "Following my statement of last Friday that we were in active discussions with PLDT in this respect I am delighted to confirm that we were able to reach agreement on purchase price and terms during the weekend. I believe this investment represents good value for MPIC in light of the long-term growth outlook of the Philippine power sector. You will recall that last year we substantially reduced the leverage in Beacon. MERALCO is now the single largest source of cash generation for MPIC and in undertaking this investment, we have enhanced our overall cash flow and further improved our growth prospects".
As this is a related party transaction, the PLDT and PCEV directors who are also on MPIC's Board took no part in the discussion at the MPIC Board meeting, which decided on the purchase and sale. The transaction has also been reviewed by MPIC's Audit Committee, in accordance with MPIC's internal policies.
MERALCO is the biggest electricity distributor in the Philippines. PCEV is a holding company whose primary asset is its holding in MERALCO, now held indirectly through Beacon. MPIC is the Philippines' largest infrastructure investment management and holding company.
Global Power is the leading power supplier in Visayas with 852 MW of coal and diesel powered generating capacity at present (including 150 MW to commence operations later this year) and
First Pacific Company Limited published this content on 30 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 May 2016 07:21:02 UTC.
Original documenthttp://www.firstpacific.com/media/normal/19710_2016-0530_ORA_-_MPIC_to_acquire_Beacon_additional_25__interest.pdf
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