Metro Pacific, First Holdings move deadline for share deal

Kristine Jane R. Liu
BusinessWorld

METRO PACIFIC Investments Corp. and Lopez-led First Philippine Holdings Corp. have extended the deadline to sign the agreement that will allow the former to increase its stake in Manila Electric Co. (Meralco) to 41.4%

In a statement posted by Metro Pacific parent First Pacific Co. Ltd. on its Web site, the Hong Kong-based firm said the finalization of the call option agreement has been extended to Friday from the original date of Jan. 15.

“The directors of the companies are of the view that the extension [will allow them] to have more flexibility with respect to finalizing the set of terms of the call option for the benefit of both parties and that the terms of the extension agreement are fair and reasonable and in the interests of the shareholders of the company as a whole,” First Pacific said. Read more...