INQUIRER.net: MVP group raises Meralco stake to 53.34%

INQUIRER.net Philippine News for Filipinos

MVP group raises Meralco stake to 53.34% Jul 22nd 2013, 00:05 MANILA, Philippines—The group of businessman Manuel V. Pangilinan is working to acquire a majority stake in Manila Electric Co. by acquiring an additional 5-percent interest in the country's biggest power distributor out of the block recently unloaded by San Miguel Corp.   An initial 5.7-percent block in Meralco was sold last Friday by SMC at P270 a share or about P17.4 billion to various investors that included the MVP group. However, the MVP group's goal was to buy an additional 5 percent out of SMC's ongoing divestment, an Inquirer source said.   Computed against previous ownership levels, such a transaction will bring the combined direct and indirect... Keep on reading: MVP group raises Meralco stake to 53.34% Media files: MANUEL-V.-Pangilinan.jpg (image/jpeg)

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