The Gokongwei-led JG Summit Holdings, Inc. has formalized its entry in the country’s largest power distributor as it completes the acquisition of the stake in Manila Electric Co. (Meralco) from conglomerate San Miguel Corp. (SMC).

A disclosure to the Philippine Stock Exchange on Wednesday showed that JG Summit successfully completed the acquisition of 305.7 million common shares of Meralco from SMC, San Miguel Pure Foods Co. Inc., and SMC Global Power Holdings Corp.

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