INFRASTRUCTURE conglomerate Metro Pacific Investments Corp. (MPIC) will invest more than P13 billion to boost its direct ownership in power utility giant Manila Electric Co. (Meralco), the company told the local bourse.
A disclosure to the Philippine Stock Exchange showed on Tuesday that Beacon Electric Asset Holdings Inc. (Beacon) will sell 56.35 million shares or 5 percent of Meralco to MPIC at a price of P235 per share. That means a total investment cost of P13.24 billion.
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