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By Euan Paulo C. Añonuevo Reporter
THE Lopez group has raised its
stake in Manila Electric Co. (Meralco) after a partner sold its
interest in the country’s largest electricity distributor.
In a disclosure to the Philippine
Stock Exchange, First Philippine Holdings Corp. said it upped its
stake in Meralco after buying out the shares held by Union Fenosa
Internacional S.A. of Spain in First Philippine Union Fenosa, a
joint venture between the Philippine and Spanish firms.
First Holdings said it acquired
Union Fenosa’s 40-percent interest in their joint venture company,
which holds a 22.7-percent interest in Meralco.
The acquisition makes First
Holdings the single largest shareholder in Meralco, with direct and
indirect holdings running to a 33.4-percent stake.
In the latter part of 2007, First
Holdings purchased Meralco shares amounting to a 6.6-percent stake
in the utility that was owned by the Meralco Pension Fund.
First Holdings is likewise keen
on buying government’s stake of up to 29 percent in the
distributor.
Earlier, First Holdings filed
with the Securities and Exchange Commission its application to issue
additional preferred shares, the net proceeds from which would be
used to partially refinance its outstanding debts and fund strategic
acquisitions and other capital and operating requirements.
BDO Capital and Investment Corp.
was tapped to serve as the issue manager and sole book runner for
the fund-raising activity. The shares to be sold would have a par
value of P100 each.
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