FIRST PACIFIC (00142): MPIC proposes to acquire approximately 1.9% interest in Meralco for 12.4 billion pesos

FIRST PACIFIC (00142) announces 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 the agreement with San Miguel Global Power Holdings Corp. (the Seller), MPIC has agreed to purchase, and the Seller has agreed to sell, on the completion date by way of a special block sale, the sale shares, representing approximately 1.9% interest in the total issued and outstanding ordinary share capital of Meralco (Manila Electric Company, an associate of the Group), at a price of PHP580.99 per sale share (equivalent to approximately US$9.27 or approximately HK$72.28), for an aggregate of approximately PHP12.4 billion (equivalent to approximately US$198 million or approximately HK$1.5 billion). Immediately prior to completion, MPIC had approximately 47.5% direct and indirect equity interest in Meralco, while the Seller had 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 distribution utility in the Philippines, serving Metro Manila and parts of the surrounding provinces. The 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.