Metro Pacific Investments Corp. and sister unit PLDT Communications and Energy Ventures Inc. said Tuesday their joint venture Beacon Electric Asset Holdings Inc. signed an P11-billion loan agreement to fund the acquisition of an additional 4-percent stake in Manila Electric Co.
Metro Pacific and PLDT Communications will increase their combined stake in the country’s biggest power distributor to 45 percent.
“The acquisition further cements the group’s position in one of the best-run companies in the Philippines,” said Jose Ma. Lim, chief executive of Metro Pacific and president of Beacon Electric.
Beacon Electric’s interest in Meralco will go up to 38.8 percent, while the group’s total stake, including that of PLDT unit, PLDT Communications, is 45 percent.
Some 14.19 million Meralco shares were sold in blocks at P287.4 per share worth P4 billion.
“I am pleased that our shareholders will again increased participation in the benefits of the hard work being put in by all the Meralco management to further enhance the business,” Metro Pacific and PLDT Communications chairman Manuel Pangilinan said.
Metro Pacific said the P11-billion loan facility was arranged by First Metro Investment Corp. and PNB Capital & Investment Corp.
Metro Pacific assistant vice president Melody del Rosario said the two companies acquired the additional Meralco shares from the market.
There were also speculations that the shares acquired by Metro Pacific and PLDT Communications were owned by businessman Eusebio Tanco.
Meralco is the biggest electricity distributor in the Philippines. It is partly owned by diversified conglomerate San Miguel Corp., whose interest is at least 27 percent, and Lopez-led First Philippine Holdings Corp., which still owns 6.6-percent interest.
PLDT Communications is a holding company whose primary asset is its holdings in Meralco, held both directly and indirectly through Beacon, while Metro Pacific is the Philippines’ largest infrastructure investment management company.
Meralco posted a P2.1-billion profit in the first quarter of the year, up 6 percent from P1.98 billion year-on-year. Core net income, which excludes one-time, exceptional charges, rose 60 percent to P3.2 billion from P2 billion on year.
No comments:
Post a Comment