Business World Online
Posted on January 26, 2011 11:09:42 AM
LOPEZ-LED First Philippine Holdings Corp. is willing to sell its remaining shares in Manila Electric Co. (Meralco) to the Manuel V. Pangilinan group "at a certain price," according to an official.
Oscar M. Lopez, First Philippine Holdings chairman emeritus and chief strategic officer, told reporters his company would sell the remaining 6% stake if the offer is more than P300.00 per share.
"We might sell it at a certain price. It has to be more than P300 per share," he said at the sidelines of the Philippine Business for Social Progress' 40th anniversary on Tuesday.
"Mr. Pangilinan gave us hints would want to buy the shares," he added.
Mr. Lopez however said that for the meantime the Lopez family would hold on the remaining shares in Meralco, as this was a legacy from the late industrialist Eugenio H. Lopez, Sr.
"As much as possbile we want to hold to the shares as a legacy from my father. As long as we maintain a seat on the board," he said.
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