First Pacific raises US$501 million for expansion

Completes fresh round of equity fundraising.

Hong Kong-based investment holding firm First Pacific Co. Ltd, which is controlled by Indonesia’s Salim family, is focusing on deals in emerging economies. It is a major stockholder of Philippine Long Distance Telephone Company, the Philippines’ telecommunications firm.

First Pacific said it plans to use the net proceeds to strengthen its balance sheet and to finance potential acquisitions and general corporate expenses. It is looking at several deals in the Philippines, Myanmar, Vietnam, Indonesia and Thailand.

Although based in Hong Kong, most of First Pacific’s assets are located in the Philippines, where it is into telecoms, infrastructure and natural resources.