Beacon Electric transfers 1.3B Rockwell shares to FPHC

Business mirror

THURSDAY, 28 JUNE 2012 18:59 PAUL ANTHONY ISLA / REPORTER

LISTED Metro Pacific Investments Corp. said on Thursday that Beacon Electric Assets Corp. will transfer all its shares in Rockwell Land Corp. to First Philippine Holdings Corp. (FPHC).

In a joint disclosure to the Philippine Stock Exchange, MPIC and PLDT Communications and Energy Ventures Inc. (PCEV) said Beacon will transfer 1.3 billion Rockwell shares to FPHC, as additional consideration for the 74.7 million Manila Electric Co. (Meralco) common shares acquired by Beacon and pursuant to the call option exercise made on March 30, 2010.

Beacon, joint venture between MPIC and PCEV that owns 48.02 percent of Meralco, said it received the Rockwell shares as property dividends from Meralco.

Beacon said the shares are priced at P2.01 or a total consideration of P2.613 billion. It will also sell 52.8 million additional shares to FPHC for P2.01 per share or a total of P106 million. 

The company will also transfer 85 million shares to FPHC as instructed by First Philippine Utilities Corp. (FPUC) at a total consideration price of P170 million.

Beacon and FPUC agreed that the latter will retain its rights over the shares even after the transfer of 30 million Meralco common shares to Beacon. 

Beacon added that will sell 88 million Rockwell shares to First Philippine Holdings Corp. Pension Fund at a price of P177 million. 

Early this year, Beacon increased its Meralco share to 48.02 percent from 45.36 percent.

Funding for acquisition will be provided via an equity injection of P5.4 billion to which MPIC and PCEV will subscribe equally and a P5-billion corporate notes facility arranged for Beacon by First Metro Investment Corp. and PNB Capital and Investment Corp.    source