JG Summit raising P50 billion for Meralco buy-in

JG Summit Holdings Inc. said on Tuesday that it plans to raise P50 billion from a combination of bank loans and bond issuance to fund the acquisition of the remaining shares of San Miguel Corp. (SMC) and its units in the Manila Electric Co. (Meralco).

“JG Summit already have over $500 million in cash and with the supports or our bankers we are confident to fund the acquisition,” said Lance Gokongwei, president of JG Summit, on the sidelines of the Cebu Pacific’s 100 Lucky Juans event.