First Pacific Co (HK:0142) has released an update.
First Pacific Co’s affiliate, Metro Pacific Investments Corporation (MPIC), has agreed to sell its 50% stake in the Philippine Coastal Storage & Pipeline Corporation (PCSPC) for approximately $296 million. This strategic move involves a significant petroleum import terminal in the Subic Bay Freeport Zone, with potential earn-out payments based on performance milestones. MPIC is set to receive around $148 million from this transaction, marking a substantial shift in its investment portfolio.
For further insights into HK:0142 stock, check out TipRanks’ Stock Analysis page.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
