MPIC buys P26.5-b stake in Meralco

by Jennifer B. Austria, 15 April 2015
from Manila Standard Today

Infrastructure conglomerate Metro Pacific Investments Corp. said Wednesday it will increase its direct interest in distributor Manila Electric Co. by another 10 percent for P26.5 billion.

Metro Pacific said in a disclosure to the stock exchange Beacon Electric Asset Holdings Inc., a special purpose company jointly owned by Metro Pacific and PLDT Communications and Energy Ventures, had agreed to sell 112.71 million shares, representing 10 percent of Meralco at a price of P235 per share.

The P235 per share selling price represents an 11-percent discount to Meralco’s closing price of P263.80 Tuesday.

PCEV is a holding company whose primary asset is its holdings in Meralco, now held indirectly through Beacon, while MPIC is the country’s largest infrastructure investment management and holding company.

Metro Pacific said it obtained P25-billion long-term facilities from Bank of the Philippine Islands, Philippine National Bank and BDO Unibank Inc. to fund the acquisition of the shares.

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