METRO Pacific Investments Corp. (MPI) has acquired most of the Manila Electric Co. (MER) shares which were sold by JG Summit Holdings Inc. (JGS).
In a recent disclosure on the PSE Edge Portal, MPI announced on July 29 it had acquired a total of 22.542 million common shares from MER, for a total price of around P7.75 billion, at a price of P344 per share.
The news came as JGS announced also via disclosure on July 28 that its Board of Directors had approved the offloading of its 36 million MER common shares (total worth of P12.384 billion) via an overnight block trade. The company only tapped UBS AG Singapore to handle the private selling.
According to an article by Bilyonaryo.com, MPI accounted for 63 percent of the 36 million (P12.384 billion) MER shares which were sold by JGS.
Because of this transaction, MPI — which took over control of MER from the Lopez family in 2009 — will now increase its direct and indirect interest in the electric company to 47.5 percent.