Diversified conglomerate San Miguel Corp. has formalized its plan to unload some of its stake in the country’s largest power distributor Manila Electric Co. (Meralco), officially selling part of it on Friday.
SMC, a group chaired by Eduardo Cojuangco, announced through a disclosure to the Philippine Stock Exchange the sale of 64.33 million Meralco common shares at P270 each share, for total gross proceeds of P17.37 billion. The buyer of the transaction was not disclosed.
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