In a bid to boost its power generation portfolio, a business unit of the country’s largest power distributor Manila Electric Co. (Meralco) has sealed a deal to acquire a stake in Metrobank Group’s power unit, Global Business Power Corp. (GBPC).
A disclosure to the Philippine Stock Exchange showed on Wednesday that Meralco PowerGen Corp., a wholly owned subsidiary of the listed utility firm Meralco, has entered into a share sale and purchase agreement (SSPA) with First Metro Investment Corp. for the acquisition by MGen of FMIC’s 20-percent stake in GBPC.
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