Pangilinan raises Meralco stake with ₱2.19 billion share deal
The Meralco chairman used personal funds for the purchase, which followed a separate ₱12.4 billion acquisition by Metro Pacific Investments Corp.
Meralco chairman Manuel V. Pangilinan’s personal holding in the utility reached 0.34 per cent after he spent ₱2.19 billion of his own money on shares sold by San Miguel Global Power Holdings Corp. (SMGP). The deal was completed on October 9.
About 3.77 million shares changed hands at ₱580.99 each, with the Philippine Stock Exchange handling the transaction as a special block sale. SMGP operates as San Miguel Corp.’s power subsidiary and ranks as the Philippines’ second-largest power producer.
Separately, Metro Pacific Investments Corp. (MPIC), led by Pangilinan, purchased Meralco shares worth ₱12.4 billion from SMGP. MPIC’s ownership rose to 49.4 per cent, compared with 47.46 per cent before that acquisition.
The personal purchase is another step in the Pangilinan Group’s effort to increase its control of Meralco. The company is the Philippines’ largest electricity utility, with a franchise area spanning Metro Manila and neighbouring provinces.
