Business Mirror
TUESDAY, 31 JANUARY 2012 18:07 PAUL ANTHONY A. ISLA
LISTED First Philippine Holdings Corp. (FPHC) said on Tuesday it has completed the transfer of its shares in Manila Electric Co. (Meralco) to the PLDT Group.
In a disclosure to the Philippine Stock Exchange, FPHC said First Philippine Utilities Corp. (FPUC) transferred by means of a block sale its 2.66 percent or 30 million shares in Meralco to Beacon Electric Asset Holdings Inc. The sale is valued at P8.85 billion.
FPHC and FPUC, however, will continue to own approximately 3.9 percent of Meralco.
In a recent roundtable discussion with the BusinessMirror, Meralco Senior Vice President Alfred Panlilio said he is not aware if PLDT Chairman and Chief Executive Manuel Pangilinan will still opt to buy more Meralco shares from the Lopez group.
“If needed, he might buy some to cross 50 percent. As you know when Pangilinan acquires a company, he wants to own majority of it. Although today, we’re working as a block with the Lopez group; so it’s already beyond the 50 percent,” Panlilio said.
PLDT Communications and Energy Ventures (PCEV) earlier said Beacon will increase its stake in the power retailer to 48.02 percent from 45.36 percent. Beacon is owned by Metro Pacific Investment Corp. and (MPIC) and PCEV on a 50:50 basis.
Funding for the acquisition came from equity injection of P5.4 billion to which MPIC and PCEV will subscribe equally and a P5-billion corporate notes facility arranged for by First Metro Investment Corp. and PNB Capital and Investment Corp.
(Paul Anthony A. Isla)
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