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SM Investments Corporation (SMIC) has secured SEC approval to acquire an 81% stake in Allfirst Equity Holdings Inc for P15.76 billion, aiming to achieve 100% ownership in Philippine Geothermal Production Company (PGPC). The deal involves issuing 17.44 million new shares to sellers, equating to 1.4% of SMIC’s outstanding shares. PGPC generated $99.4 million in revenues and $48.8 million in net income in 2021, contributing significantly to SMIC's earnings. This acquisition aligns with SMIC's growth strategy and commitment to sustainability in the Philippines.
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