Business World Online
Posted on May 24, 2011 09:13:27 PM
A JOINT venture between a Philippine Long Distance Telephone Co. (PLDT) unit and Metro Pacific Investments Corp. has increased its stake in Manila Electric Co. (Meralco), thus bringing the Pangilinan camp’s holdings in the power retailer to 45%.
The joint venture, Beacon Electric Asset Holdings, Inc., acquired another 4% stake in Meralco on top of its existing 34.8% share after it signed off an P11-billion loan to the power firm, a disclosure filed with the local bourse yesterday showed.
This, along with PLDT Communication and Energy Ventures, Inc.’s direct holdings brings the total stake to 45%.
The hike in interests by Beacon Electric was done through purchase of “aggregate shares from the market,” Melody M. del Rosario, Metro Pacific spokesperson, said in a telephone interview with BusinessWorld.
It was not immediately known whether the shares were obtained from Eusebio H. Tanco, president of Asian Terminals, Inc. and STI College.
Metro Pacific Chairman Manuel V. Pangilinan had earlier said his group was looking to purchase Mr. Tanco’s 4% stake in Meralco.
“The acquisition of an additional 4% voting and economic interest in Meralco further cements the group’s position in [the power distributor],” Beacon Electric President Jose Ma. K. Lim said in the disclosure.
Meralco also executed a block sale of shares yesterday of 14.2 million shares with an execution price of P287 per share.
Metro Pacific bought shares in Meralco in 2009 through the open market while the PLDT unit had acquired its stake in the utility from the Lopez group.
The two affiliated firms then transferred its combined 28.2% stake in Meralco to Beacon Electric in 2010 before adding another 6.6% share obtained again from the Lopez group.
The Lopezes now hold just a 6.6% interest in Meralco.
To date, the Pangilinan group is said to be the single largest shareholder in Meralco.
Reported net income of Meralco went up 6% to P2.1 billion in the first quarter from P2 billion in the same period last year despite lower average pass-through costs and energy sales.
Consolidated core net income grew by 64% to P3.2 billion in the first quarter from P1.98 billion.
Shares in Meralco closed at P242.60, up 0.66% from P241 a piece.
Mediaquest Holdings, Inc., a subsidiary of the Beneficial Trust Fund of PLDT, has a minority stake in BusinessWorld. -- E. N. J. David
This, along with PLDT Communication and Energy Ventures, Inc.’s direct holdings brings the total stake to 45%.
The hike in interests by Beacon Electric was done through purchase of “aggregate shares from the market,” Melody M. del Rosario, Metro Pacific spokesperson, said in a telephone interview with BusinessWorld.
It was not immediately known whether the shares were obtained from Eusebio H. Tanco, president of Asian Terminals, Inc. and STI College.
Metro Pacific Chairman Manuel V. Pangilinan had earlier said his group was looking to purchase Mr. Tanco’s 4% stake in Meralco.
“The acquisition of an additional 4% voting and economic interest in Meralco further cements the group’s position in [the power distributor],” Beacon Electric President Jose Ma. K. Lim said in the disclosure.
Meralco also executed a block sale of shares yesterday of 14.2 million shares with an execution price of P287 per share.
Metro Pacific bought shares in Meralco in 2009 through the open market while the PLDT unit had acquired its stake in the utility from the Lopez group.
The two affiliated firms then transferred its combined 28.2% stake in Meralco to Beacon Electric in 2010 before adding another 6.6% share obtained again from the Lopez group.
The Lopezes now hold just a 6.6% interest in Meralco.
To date, the Pangilinan group is said to be the single largest shareholder in Meralco.
Reported net income of Meralco went up 6% to P2.1 billion in the first quarter from P2 billion in the same period last year despite lower average pass-through costs and energy sales.
Consolidated core net income grew by 64% to P3.2 billion in the first quarter from P1.98 billion.
Shares in Meralco closed at P242.60, up 0.66% from P241 a piece.
Mediaquest Holdings, Inc., a subsidiary of the Beneficial Trust Fund of PLDT, has a minority stake in BusinessWorld. -- E. N. J. David
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