Manila Standard Today
by Jenniffer B. Austria
The First Pacific Co. Ltd. group is set to complete today the acquisition of an additional 2.66- percent stake in power retailer Manila Electric Co.
A special block sale involving 30 million Meralco shares is scheduled for execution at the Philippine Stock Exchange. The shares will be sold at P295 per share for a total value of P8.85 billion.
First Philippine Holdings Corp. of the Lopez Group last week said it agreed to sell a unit’s 2.66-percent stake in Meralco to Beacon Electric Asset Holdings Inc.
Beacon is owned 50 percent each by Metro Pacific Investments Corp. and PLDT Communication and Energy Ventures Inc.
The Lopez Group will retain one board seat in the country’s biggest electricity distributor after selling First Philippine Utilities Corp.’s 30 million shares although its ownership will drop to 3.9 percent.
The acquisition of additional shares in Meralco will increase Beacon’s beneficial interest in Meralco to 48.02 percent, solidifying its control of the utility.
Beacon prior to the transaction held approximately 45.36 percent of Meralco.
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