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Byline: Doris C. Dumlao and Amy R. Remo
THE FIRST PACIFIC GROUP PLANS to exercise on March 30 an option to buy from the Lopezes an additional 6.6-percent stake in power retailer Manila Electric Co. through newly created corporate vehicle Beacon Electric Asset Holdings Inc.
This is ahead of the May 15 deadline for the consummation of the deal, which covers the 74.7 million additional Meralco shares that the Manuel V. Pangilinan-led group had committed in November to buy at P300 per share or a total of P22.4 billion.
In a statement, First Pacifics local infrastructure holding firm Metro Pacific Investments Corp. said Beacon had raised P18 billion from the …