Summary by Moomoo AI
First Pacific Limited (“First Peace”) Announces Partnership with its Joint Ventures Manila Electric Company (“Meralco”) and Meralco PowerGen Corporation (“MGen”) and Aboitiz Power Corporation (“AP”) to jointly invest 67% in San Miguel Global Power Holdings Corp. (“SMGP”) Two Gas Generating Plants Equity, and a 100% interest in a liquefied natural gas import and regasification dock. The project, based in the Philippines, has a total investment valuation of about US$33 million, of which MGen will invest approximately US$12 million. The partnership is expected to begin operations by the end of 2024, marking the launch of the Philippines' first and largest integrated liquefied natural gas facility, which is expected to become a landmark development for the Philippine energy industry. First Pacific is a Hong Kong investment holding company primarily invested in the Asia-Pacific region, with MGen contributing as its joint venture. AP is the power company in the Philippines and SMGP is one of the largest power companies in the Philippines.