MVP's Metro Pacific buys 10M Meralco shares from San Miguel divestment

Manuel V. Pangilinan's Metro Pacific Investment Corp. bought 10 million shares from the partial divestment of San Miguel Corp. (SMC) in power utility Manila Electric Co. (Meralco).

Metro Pacific vice president for communications Melody Del Rosario confirmed in a text message to reporters that MPIC took part in the partial divestment of diversified conglomerate San Miguel in the utility.

On Friday, SMC raised nearly P17.4 billion after after it made a placement for 64,333,330 Meralco common

shares at P270 per share.

SMC directly owns 21.46 percent of Meralco, another 6.13 percent through SMC Global Power Holdings Corp., and 5.24 percent through San Miguel Pure Foods Company Inc. for a total of 32.83 percent, according to Meralco's 2012 annual report.

The shares sale reduced SMC's interest in Meralco by 5.7 percent to 27.1 percent.

Last month, Pangilinan said his group is looking at catching Meralco shares from San Miguel, but not to the point of making a tender offer.

First Pacific Co. Ltd. through Beacon Electric Asset Holdings Inc. owns 48.3 percent of Manila Electric. Pangilinan chairs First Pacific.

In a June 4 disclosure, SMC said it is looking at alternatives to the possible disposition of its 32.8 percent stake in Meralco. — Danessa Rivera/VS, GMA News

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