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SEC approves SM Investment's acquisition of Philippine Geothermal Production

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ABS-CBN News

<p>MANILA - The Securities and Exchange Commission has approved SM Investment Corp&#x27;s acquisition of 81 percent stake in AllfirstEquity Holdings Inc in exchange for SMIC shares, the Sy-led firm said Tuesday.</p><p>Allfirst is the holding company for the Philippine Geothermal Production Company Inc (PGPC).</p><p>The deal will bring SMIC&#x27;s ownership in PGPC to 100 percent, the group said in a disclosure to the stock exchange.</p><p>The total consideration paid for is at P15.76 billion, SMIC said, adding that it involves the issuance of 17.44 million new shares to the sellers.</p><p>SMIC said the acquisition would allow the company to invest directly in clean renewable energy-related production. </p><p>&quot;The acquisition of PGPC is sizeable, accretive to our shareholders and a strong strategic fit with our portfolio of investments in high growth sectors in the Philippines,&quot; SMIC president and CEO Frederic Dybuncio said.</p><p>&quot;It further reinforces the SM Group&#x27;s commitment to sustainability, good governance and acting as a catalyst for responsible development in the communities we serve,&quot; he added.</p><p>PGPC operates Tiwi steam field in Albay, the first commercial-scale geothermal steam field in Southeast Asia and Mak-Ban in Laguna, among others.</p><p>The two have a combined capacity to generate geothermal steal sufficient to produce about 300 MW of electricity, SMIC said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/28/22/sm-investment-posts-p385-b-net-income-up-65-pct">Consumer spending drives SM Investment net income to P38.5 billion in 2021</a></li>	<li><a href="https://news.abs-cbn.com/business/02/04/21/mitsubishi-firms-to-engage-in-philippine-geothermal-power-generation">Mitsubishi firms to engage in Philippine geothermal power generation</a></li>	<li><a href="https://news.abs-cbn.com/focus/10/10/18/going-geothermal-philippines-revs-up-flagging-green-energy-engine">Going geothermal: Philippines revs up flagging green energy engine</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2153414" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Securities and Exchange Commission has approved SM Investment Corp's acquisition of 81 percent stake in AllfirstEquity Holdings Inc.