Metro Pacific boosts stake in Meralco

ABS-CBN News

Posted at Jul 29 2022 01:59 PM

An electric company line-man ducks inside an elevated platform called a 'cherry-picker' as he navigates under overhead electric meters along Recto Avenue in Manila on July 31, 2019. Jonathan Cellona, ABS-CBN News/File 
An electric company line-man ducks inside an elevated platform called a "cherry-picker" as he navigates under overhead electric meters along Recto Avenue in Manila on July 31, 2019. Jonathan Cellona, ABS-CBN News/File 

MANILA — Metro Pacific Investment Corp on Friday said it has acquired more shares in Manila Electric Co (Meralco).

MPIC said it acquired an additional 22,542,000 shares, equivalent to approximately 2 percent of Meralco's issued and outstanding capital stock for P344 per share or a total of P7,754,448,000. 

"The transaction will result in MPIC holding an approximately 47.5 percent direct and indirect interest in MERALCO," MPIC said in a disclosure to the stock exchange. 

In a separate disclosure, JG Summit Holdings Inc said its board approved the overnight block trade for the sale of its 36,000,000 common shares in Meralco.

Meralco is a power utility distributor in Luzon.