July 22, 2013

MVP sets 51% limit on Meralco stake

Metro Pacific Investments Corp. (MPIC), the flagship firm of the business empire headed by Manuel V. Pangilinan, is set to limit its interest in utility giant Manila Electric Co. (Meralco) so as not to breach the limits on the requirement for a general offer.

Under the Securities Regulation Code, any entity that acquires more than 51% of a listed company must offer to buy the remaining shares held by minority investors for the same price.

Last July 19, 64.3 M Meralco shares were sold by diversified conglomerate San Miguel Corp. (SMC) at P270 apiece. MPIC through wholly owned subsidiary Beacon Electric Asset Holdings Inc. took up about 15% to 16% of the offer bringing the company’s interest in the utility firm to 48.3%. - WealthSec