Metro Pacific Investments Corp. (MPIC), through Beacon Electric Asset Holdings Inc. (Beacon) will acquire 68.8 million shares of PLDT Communications and Energy Ventures, Inc. (PCEV) comprising approximately 6.1 percent of Manila Electric Co. (Meralco), the company reported to the exchange.
Beacon Electric Asset Holdings Inc. (Beacon) is a special purpose company jointly owned by MPIC and PCEV with the sole purpose of holding shares in Meralco.
The PCEV 68.8 million shares were acquired at a price of P220 per share for an aggregate consider
ation of P15.136 billion.
In relation to the acquisition from PCEV of Meralco shares, PCEV has agreed to subscribe to 1.199 billion preferred shares of Beacon for an issue value of P15.136 billion.
MPIC CEO and Beacon president Jose Ma. Lim said the acquisition of the shares from PCEV brings Beacon’s economic and voting interest in Meralco to 45.352 percent.
“More importantly, it consolidates the wider group’s shareholding into Beacon Electric so that both MPIC and PCEV shareholders enjoy the full value of our Meralco investment,” he added. Danessa O. Rivera
Meralco is the biggest electricity distributor in the Philippines. PCEV is a holding company whose primary asset is its holding in Meralco, now held indirectly through Beacon, while MPIC is the Philippines’ largest infrastructure investment management company.
http://tribune.net.ph/
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