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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.
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