MANILA, Philippines - Beacon Electric Asset Holdings Inc., the holding company for the shares of Metro Pacific Investments Corp. (MPIC) and Pilipino Telephone Corp. (Piltel) in Manila Electric Co. (Meralco), is interested in acquiring additional shares in the power distribution utility.
In particular, the group is eyeing the four percent Meralco stake of businessman Eusebio Tanco, owner of Asian Terminals Inc. (ATI) and computer school Systems Technology Institute (STI).
MPIC and Piltel chairman Manuel V. Pangilinan, who also chairs Beacon, revealed they are interested in acquiring Tanco’s stake in Meralco, a move that would fortify their hold on the power utility.
PhilPlans (formerly Philam Plans), one of the major assets insurance giant Philamlife sold last year, acquired the four percent stake of the Government Service Insurance System (GSIS) in Meralco earlier this year. Philam Plans was bought by Philippines First Insurance Company Inc. of the Tanco Group and STI.
PhilPlans president Monico Jacob has said that their company is open to selling its stake in Meralco.
The Pangilinan Group currently has a 34.7-percent stake in Meralco held by MPIC (14.7 percent) and Piltel (20 percent). It will raise this to 41.4 percent once it exercises a call option
MPIC earlier signed an agreement with Piltel to consolidate their respective 163.6 million and 154.2 million common shares in Meralco into Beacon Electric Asset Holding Inc., making the latter the single-largest shareholder of Meralco. MPIC assigned its call option right over 74.7 million shares of Meralco to Beacon. Read more...
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