First Metro Investment Corp. and Meralco PowerGen Corp. announced Tuesday the signing of a shareholders’ agreement to complete the sale of First Metro’s 20-percent stake in Global Business Power Corp. for P7.15 billion.
MGen is a wholly-owned subsidiary and the power generation arm of Manila Electric Co. while First Metro is the investment banking unit of the Metropolitan Bank and Trust Co.
The sale followed the purchase by Orix Corp. of Japan of 20 percent of Global Power on June 27, 2013. GT Capital Holdings Inc., the holding company of tycoon George Ty, will retain its majority ownership at 50.89 percent, following the entry of Meralco in Global Business Power.
“Having completed 10 years of operations, Global Power emerges into a new world of opportunities as it broadens and deepens its commitment in the power sector. We are privileged to have Meralco as a strategic partner, not just for its heft and financial muscle, but for our shared vision of empowering the economic progress of our country and the uplifting, through light and power, the lives of our countrymen,” said Global Power chairman Francisco Sebastian.
MGen president Oscar Reyes said the completion of the deal sealed a strategic alliance that would combine the resources and expertise of both MGen and Global Power to respond to the growing need of ensuring a stable supply of reliable and cost-competitive power for the country.
Early this year, MGen and Global Power signed an agreement to pursue selected power generation projects in Mindanao. source
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