First Pacific unit forms strategic alliance with GT Capital

    First Pacific (00142) said its Philippine affiliate Metro Pacific Investments Corporation (MPIC) agreed to issue 3.6 billion new MPIC common shares, representing about 11.4% of the enlarged issued common share capital of MPIC, for PHP6.1 apiece (equivalent to about HK$1.02) for a total of PHP22 billion (equivalent to about HK$3.7 billion) to GT Capital Holdings, Inc.
  Metro Pacific Holdings Inc. (MPHI), the majority shareholder of MPIC, agreed to sell to GT Capital 1.3 billion MPIC common shares currently held by MPHI, representing about 4.1% of the issued common share capital of MPIC, for PHP6.1 apiece for a total of PHP7.9 billion (equivalent to about HK$1.3 billion).
  After the subscriptions and purchase, MPHI's voting interest in MPIC as at will be reduced from about 59.3% to 55% and MPHI's economic interest in MPIC will be reduced from about 52% to 42%. GT Capital will hold 15.6% of MPIC's enlarged issued common share capital, and GT Capital will be MPIC's second largest shareholder, after MPHI.
  GT Capital is a major Philippine conglomerate, having its shares listed on the Philippine Stock Exchange. GT Capital has interests in banking, property development, power generation, automotive assembly, importation, wholesaling, dealership, financing and life and non-life insurance businesses. GT Capital is a primary vehicle for the holding and management of the diversified business interests of the Ty family in the Philippines.
  Besides, MPIC's associate Beacon Electric Asset Holdings Inc. agreed to acquire an aggregate 56% of the ordinary and issued share capital of Global Business Power Corporation for PHP22.06 billion (equivalent to about HK$3.7 billion). 
  Global Power is a holding company that, through its subsidiaries, is a leading power producer in the Visayas Region and Mindoro Island in the Philippines, having nine power generation facilities spread across the Visayas Region and Mindoro Island with
an aggregate 852 MW of coal and diesel powered generating capacity (including 150 MW to commence operations later this year) and 670 MW for further expansion. The main development project is a 670 MW super critical coal fired plant in La Union, Pangasinan.