Thursday, September 26, 2013

San Miguel, JG Summit confirm Meralco talks

Manila Standard Today
By Alena Mae S. Flores

San Miguel Corp. and JG Summit Holdings Inc. on Wednesday confirmed they are in talks for the sale of the former’s shares in power distributor Manila Electric Co.
San Miguel and JG Summit issued separate disclosures to the stock exchange on Wednesday confirming their negotiations.
“We advise that the company is in talks with JG Summit Holdings Inc. with respect to the shares of stocks of the company and its subsidiaries in Manila Electric Company,” San Miguel said.
The parties did not say whether the discussions involved JG Summit’s acquisition of San Miguel’s entire stake in Meralco.
San Miguel is divesting the remaining 27.1-percent stake in Meralco to raise funds for its business ventures.  The company in July sold a 5.7-percent stake in Meralco for P17.4 billion to fund its diversification plan.
San Miguel sold 64.3 million shares at P270 apiece.  Buyers of the Meralco shares were state-pension fund Government Service Insurance System and Metro Pacific Investments Corp.
San Miguel earlier disclosed to the local bourse the company and its subsidiaries were considering alternatives relating to the possible disposition of approximately 32.8 percent in Meralco “through a strategic sale or a capital markets transaction, to parties who have expressed an interest in purchasing such shares.”   source

No comments:

Post a Comment