POWER distributor Manila Electric Co. (Meralco) has acquired 60 percent of the authorized capital stock of Comstech Integration Alliance Inc. (Comstech), operator of an electric cooperative in Pampanga.
In a disclosure to the Philippine Stock Exchange (PSE), Meralco said it signed a shareholders’ agreement (SHA) with Comstech on Thursday.
Under the agreement, Meralco will subscribe to new shares to be issued by Comstech worth P300 million. The shares to be issued total 3 million new shares with par value of P100 per share.
“Said shares represent 60 percent of the authorized capital stock of Comstech,” Meralco said.
Comstech operates the Pampanga II Electric Cooperative (PELCO II). It was awarded the Investment Management Contract for the management and operations of PELCO II in February 2014.