By | Dec. 13, 2013 at 12:02am
Power distributor Manila Electric Co. plans to acquire four distribution utilities, including one next year, a company official said Thursday.
Meralco chairman Manuel Pangilinan said negotiations were ongoing for the acquisition of three to four distribution utilities.
Company officials earlier said Meralco planned to expand operations through the acquisition of distribution utilities or electric cooperatives.
“We think we have one that would [be acquired] next year,” Pangilinan said, adding negotiations took a longer time for the electric cooperatives.
“The situation is difficult as they are mostly cooperatives. We would have done it [acquisition this year] if we can,” he said.
Pangilinan said these distribution utilities were “either family-owned or run by some other people who are quite not into the mainstream business thinking, so they have a different perspective.”
Meralco, the country’s largest electric power distribution company, has been scouting for prospective acquisitions to expand presence in the distribution sector.
It has a franchise service area covering 9,337 square kilometers and distributes power to over 5 million customers in 34 cities and 77 municipalities in Metro Manila, the provinces of Rizal, Cavite and Bulacan, and parts of the provinces of Pampanga, Batangas, Laguna and Quezon. source
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