METRO Pacific Investments Corp. (MPIC), the holding firm of businessman Manuel Pangilinan, has acquired an additional 10 percent direct stake in major power distributor Manila Electric Co. (Meralco).

MPIC Chief Executive Officer Jose Ma. Lim said on Wednesday that the company bought from its subsidiary, Beacon Electric Asset Holdings Inc, 112.71 million Meralco shares at P235 per share for a total acquisition cost of P26.5 billion.

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