By Lenie Lectura - December
20, 2017
THE Manila Electric Co. (Meralco) has
sealed a shareholders agreement with Meralco subsidiary Republic Safety and
Insurance Co. (RSIC).
In a disclosure to the stock
exchange on Wednesday, the utility firm, RSIC and Pioneer Insurance &
Surety Corp. (Pioneer) entered into an agreement of shareholders and for
subscription of shares wherein RSIC shall issue 2.9 million new shares out of
its unissued capital stock to Meralco and Pioneer.
Meralco shall subscribe to 18,500
new shares and Pioneer shall subscribe to 2.88 million new shares of RSIC. The
subscription will result in Pioneer owning 51 percent and Meralco 49 percent of
RSIC.
In its web site, RSIC is a
wholly-owned subsidiary of Meralco. It was acquired in 2007 to align with
Meralco’s recognition of the imperative for a disciplined approach in managing
its risk exposures, RSIC said.
RSIC continues to renew an insurance
program that provided coverage to Meralco’s transmission and distribution
assets. It aims to be a “dynamic, proactive risk management and underwriting
company” not just for Meralco, its subsidiaries and affiliate companies in
terms of synergistic opportunities, but for the insurance industry as a whole,
with a commitment to implement risk-management methods with emphasis on risk
analysis and mitigation, loss-control management and general insurance
management.
The other day, Meralco disclosed
that it has created a new subsidiary that will be engaged in owning,
maintaining and operating a network of charging stations for electric vehicles.
“We see opportunity in the
development of e-vehicles moving forward,” said William Pamintuan, Meralco
legal head. “We wanted to also contribute, of course, to the reduction in
carbon emissions.”
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