May 10, 2013

SMC willing to sell Meralco stake


San Miguel Corp. (SMC) said it is willing to sell its stake in Manila Electric Co. (Meralco), the country’s largest power distributor. SMC president and chief operating officer Ramon S. Ang said Meralco is currently trading at good prices, with SMC willing to let go of the dividends it enjoys from Meralco. In October 2008, the GSIS sold 300.963 million common shares of Meralco worth P30 B, including interest, to SMC.

The company is pushing through with the $700-M (P28.7 B) IPO of its power generation unit, SMC Global Power Corp, after a two-year delay. SMC Global owns and operates the Sual, Ilijan and San Roque power plants that generated a total of 15,250 gigawatt-hours of electricity last year. - WealthSec