MANILA — Manila Electric Co said on Tuesday it has received the documents from the Securities and Exchange Commission incorporating its subsidiary Movem Electric Inc, which is focused on transport service networks utilizing electric energy and other alternative energy sources.

Movem Electric Inc is "incorporated to own, create, develop, manufacture, produce, assemble, configure, reconfigure, use, manage, maintain, operate, repair, improve, test, build, license, sell, market, distribute, lease, import and export, transport service networks utilizing electric energy and other alternative energy sources and their component charging stations, hardware, software, batteries, vehicles, accessories, parts, gadgets, digital application," Meralco told the stock exchange.

The incorporation allows the subsidiary to utilize its functions "for the purpose of transporting passengers and merchandise, of every kind and nature, both for domestic and foreign markets, including investing, owning or holding interests in similar businesses to subsidiaries, affiliates or any entity in which the corporation has lawful interest," Meralco said.

Meralco is among the country's largest utility distributors.

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