’s First Pacific—said Monday it will invest as much as 23.8 billion pesos to become the biggest shareholder of solar energy firm SP New Energy.
The company—which has investments in energy, water and toll roads in the Philippines—has completed the acquisition of 1.6 billion shares for 2 billion pesos, giving it an initial 16% stake in SP New Energy. As part of the transaction, which was first announced in March, Metro Pacific signed options to buy up to 10 billion common shares and as much as 7.4 billion secondary shares at 1.25 pesos each, for an additional investment of 21.8 billion pesos. Once these options are fully exercised, Metro Pacific will become the largest shareholder of SP New Energy with an almost 43% stake.
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