05 Mar '13, 4am

Meralco, First Pacific buy into Singapore power plant via @rapplerdotcom

Meralco, First Pacific buy into Singapore power plant via @rapplerdotcom

MANILA, Philippines - The group of Manuel Pangilinan will buy a majority stake in a power project in Singapore. Manila Electric Co. (Meralco) and Hong Kong-based First Pacific Co. Ltd., through their wholly owned units, formed a joint venture for the acquisition, Meralco said Tuesday, March 5. The deal is in line with the utility's goal of becoming a regional power player. "The investment represents a major opportunity in an attractive and stable economy," Panglinan, Meralco's chairman and First Pacific's managing director and CEO, said. The joint venture, FPM Power Holdings Ltd., will acquire 70% of GMR Infrastructure (Singapore) Pte. for $488 million within the next 30 days. The remaining 30% of GMR is owned by Malaysia's Petronas. GMR Energy is nearly done constructing an 800-megawatt liquefied natural gas combined cycle combustion turbine power plant in Jurong Island, ...

Full article: http://www.rappler.com/business/23098-meralco,-first-paci...

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