Reuters
MANILA - The Philippines' powerful Lopez business clan will sell its remaining 13.4% stake in Manila Electric Co. (Meralco) if it gets an attractive offer, or if it needs to make other investments or pay down debt, the family patriarch said on Friday.
Oscar Lopez, chairman of the Lopez family's power conglomerate First Philippine Holdings Corp., also told Reuters the group plans to subscribe to its geothermal unit First Gen Corp.'s rights offer before the year ends even as it pursues more investments in renewable energy.
The group is also looking at possible geothermal investments in Indonesia, Latin America and Africa.
"We see ourselves selling Meralco shares only if the share price is attractive or when we require funding to address our other investments and/or service our own debt obligations," Lopez said in an emailed response to Reuters' questions.
"We certainly have to strengthen our expertise in geothermal and hope to be able to use this expertise to go global," he said.
"Over the next 5 years, we have to establish an international presence and we hope to have geothermal investments in other countries such as Indonesia and even Latin America and Africa."
Two of the Philippines' largest companies -- Philippine Long Distance Telephone Co. (PLDT) and San Miguel Corp. -- have been battling for control of Meralco for over 6 months now.
The Lopez family currently votes with the PLDT group and any decision to sell will finally resolve the impasse.
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