Business World Online
Posted on August 08, 2011 09:01:06 PM
DIVERSIFIED SAN Miguel Corp. yesterday came forward as the entity behind the anonymous block sale of Manila Electric Co. (Meralco) shares conducted on Friday, explaining that it had formally acquired stocks it had earlier bought from Government Service Insurance System (GSIS).
San Miguel Chief Operating Officer Ramon S. Ang confirmed the conglomerate now has the shares it bought from GSIS in late 2008.
“Yes [it was San Miguel behind the block sale],” Mr. Ang said in a text message, referring to a P27-billion transaction recorded by the local bourse on Friday.
Meralco shares numbering 300,963,080 were sold at P90 apiece that day at a discount.
This corresponded to the deal San Miguel sealed in October 2008 to take over GSIS’ 27% share in Meralco at P90 per share.
San Miguel then went on to announce in May last year that it had finalized its acquisition of 300.9 million shares.
Shares in Meralco closed at P260, down 1.9% from its previous close of P265 a piece.
Shares in San Miguel closed at P119, down 3.17% from its previous close of P123 a piece. -- Emilia Narni J. David
“Yes [it was San Miguel behind the block sale],” Mr. Ang said in a text message, referring to a P27-billion transaction recorded by the local bourse on Friday.
Meralco shares numbering 300,963,080 were sold at P90 apiece that day at a discount.
This corresponded to the deal San Miguel sealed in October 2008 to take over GSIS’ 27% share in Meralco at P90 per share.
San Miguel then went on to announce in May last year that it had finalized its acquisition of 300.9 million shares.
Shares in Meralco closed at P260, down 1.9% from its previous close of P265 a piece.
Shares in San Miguel closed at P119, down 3.17% from its previous close of P123 a piece. -- Emilia Narni J. David
No comments:
Post a Comment