Written by Miguel R. Camus with Bloomberg
BusinessMirror
DESPITE his association with the private company now vying for an influential slice of Manila Electric Co. (Meralco), San Miguel Corp. president Ramon Ang said last week that the conglomerate is “not interested” in controlling the utility.
On Friday, private firm TriRatna Holdings Corp. led by Henry Sy. Jr., eldest son of retail tycoon Henry Sy Sr., made a surprise bid for the Lopez family’s remaining 13.4-percent stake in Meralco.
This was confirmed on the same day by First Philippine Holdings Corp., the Lopez company which owns the family’s stake in the power distributor.
San Miguel directly owns 27 percent of Meralco, while its ally Global 5000 Investment Inc. owns as much as 10 percent. This means that an acquisition by TriRatna will allow the San Miguel group to pull ahead of Pangilinan’s group in what some have touted as a battle for control over Meralco’s ownership.
When sought for comment, Ang said the diversifying conglomerate is not interested in controlling Meralco while adding that he is no longer part of TriRatna.
“That’s now purely Sy family,” Ang said in a telephone interview. Read more...
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