First Pacific climbs as affiliate plans IPO in Philippines

First Pacific

17/03/2025 04:31

** Shares of conglomerate First Pacific 0142.HK climb 2.7% to HK$4.95, on course for the biggest one-day pct gain since March 11

** First Pacific said on Monday its Philippine affiliate Maynilad Water Services aims to raise up to 49.15 bln pesos ($858.50 mln) through an initial public offering

** If approved, First Pacific said the listing would take place on July 10, with the offer period running from June 25 to July 2

** Maynilad is the largest private water concessionaire in the Philippines in terms of customer base

** The Hang Seng Commerce & Industry Index .HSNC adds 0.9%, Hang Seng Index .HSI rises 1.3%

** Stock up 6.9% YTD

($1 = 57.2510 Philippine pesos)

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))