THE Securities and Exchange Commission (SEC) has cleared the P30-billion fund raising of JG Summit Holdings Inc., which it would use to bankroll the acquisition of 27 percent of San Miguel Corp. shares in the Manila Electric Co.
In early October, JG Summit announced its plan to buy the entire stake of SMC in Meralco for P72 billion. The remaining shares of SMC in Meralco is about 27 percent of the power distributor’s total outstanding shares.
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